Saturday, May 28, 2011

How can i get a home equity loan or line of credit to pay off debt ...

I was recently divorced, my daughter is in college. I fell behind on some payments on my credit cards in an effort to support my daughters educational needs. I have two homes with approx. $70,000.00 worth of equity. I requested from a local bank where i already have a note to borrow approx. $30,000.00 to pay off all cards and other debts. The banking institution refused my request, stating that i have some delinquent payment issues, on cards, etc. He stated since i have a note with them the only thing he can do, is re-adjust my payments on that particular note i have with them. I am new at this type thing, could someone please give me some advice? I am just trying to bail myself out of the hold that i am in, to make a life better for my daughter.You can get a line of credit without any collateral. Check out BOA website. There is no annual fee, application fee or pre-payment penalty. You can also request a payment term and amount that fits your budget. However, you may have to pay a high rate. This calls Gold Option.

Source: http://www.dailyrosetta.com/how-can-i-get-a-home-equity-loan-or-line-of-credit-to-pay-off-debteveryone-is-looking-at-my-credit-issues/20234.html

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