Posted on: 29th Nov, 2008 07:04 am
My Dad passed away and left me his house. I have exhausted savings paying mortgage and expense. Have bad credit from far past and cannot get loan. Desperately need 20K till house sells. Do not have job as I had to quit to care for Dad but all bills current including mortgage and would use loan for mortgage, expenses, taxes and bill cons till house sells. Am actively looking for job. Will anyone help? Is there any current government program that would help me?
Hi jeyre!
Welcome to forums!
You have mentioned that you have a bad credit. In this situation, the lenders will not be ready to give you a loan and so it will be difficult for you to get 20k. You can check if you can get personal loan. But you should remember that personal loans will come at a high rate of interest.
You can have a word with the lender and check if he is ready to do a short sale. If the lender agrees to this, you will be able to sell the house with the help of the lender. There are chances that the property will sell at a lower price than the dues. In that case, you will have to pay the deficient amount to the lender. To know more about short sale, check out the following link:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You have mentioned that you have a bad credit. In this situation, the lenders will not be ready to give you a loan and so it will be difficult for you to get 20k. You can check if you can get personal loan. But you should remember that personal loans will come at a high rate of interest.
You can have a word with the lender and check if he is ready to do a short sale. If the lender agrees to this, you will be able to sell the house with the help of the lender. There are chances that the property will sell at a lower price than the dues. In that case, you will have to pay the deficient amount to the lender. To know more about short sale, check out the following link:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
Feel free to ask if you have further queries.
Sussane