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Looking for a $15,000 loan on our equity...

Our new villa is paid in full (estimated value $55K I believe.) I had a Bankruptcy due to 1st wife getting ill and her death, at the same time my full time residential house planning business (blueprints) was spiraling during housing crisis. My income plummeted from $70,000 to next to nothing at a time when she was so ill and we had to live on credit cards to make it. IMPORTANT: I was NEVER late on a payment either before filing for bankruptcy or after! My home was not included in the bankruptcy. My credit before filing was 750 and is now one year after bankruptcy was discharged is climbing up again to the mid to high 600's - Other than living expenses I am nearly debt free. I downsized to a 2 bedroom villa I could pay off completely with the sale of my home. My debts: I only have a car loan under $300 a month and one low balance (dept. store) credit card--both paid on time. Combined social security income with my 2nd wife is over $3,161 a month and I still work, (self-employed) part time as a residential house designer from home. This is very part time and periodic income probably averaging $5 to 10,000 additional a year. We are looking for $15,000 to improve things a bit based on the equity we have in our home at On Top of the World, Ocala, Florida . We have the ability to pay off a monthly payment if we can find a lender that will be reasonable in interest rates and prefer it to be automatically withdrawn from our checking account monthly. Please advise if this is doable. by TheCruiseGenie218 from Ocala, Florida. Oct 15th 2014 Reply

William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,360 contributions

The most liberal lending programs require you be at least 2 years after a BK to obtain financing, and if there was a foreclosure, it could be 3 to 4 years. However, if you are over 62 years of age, then you can apply for a reverse mortgage, and there's no credit qualify necessary. With a reverse mortgage, you can get up to 60% of your home's value as cash back, and you wont have to make any payments.. try contacting a local mortgage broker who specializes in reverse mortgages.. CAUTION: Most loan officers hate to turn down a loan or say no.. so it's important that whoever you choose to do your reverse mortgage, you need to check them out and be sure they have experience in this loan product. Reverse mortgages are not the same as a regular mortgage and using someone with no experience in them will make this transaction a nightmare. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Oct 15th 2014
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

Try a credit union, that is too small a loan to make sense for a traditional residential mortgage, but due to your credit you may have problems. Good luck!

Oct 15th 2014
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