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I entered into a Debt management plan a couple of months ago to consolidate my bills, my credit was over exstended and to keep from getting behind we entered this program. I now realize that I could probally refinance my home and borrow on the equity to pay off debt. My home is owner finance, it was just appraised for $111,000 and we only owe $39,000 on it. What I am wondering is if it is possible to get a refinance or home equity loan with no or bad credit? If so where?
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Actually your are in a better position than most people . Only 39K to go you are doing good . The likely hood of you getting refinance is not good . Once you paid off the other debt . Just increase the amount of payment on your monthly mortgage note . I wish I only had 39K to go . I be doing cartwheels all the time . My advice to you is in the future . Your revolving lines of credit should never exceed 15% of your total NET pay . That way you debt is totally manageable even if you maxed out the lines of credit . Plus it will look good on your credit report . So if you take home $30,000 a year free and clear . you total line of credit should be only $4,500 . The reason why I say 15% of your pay . Is because you house payment , maybe a car payment and other expense you have figure in other expenses you will enough room budget your money