Originally Posted by dfwswf
Can someone give me the low-down on Home Equity Loans? I need to fix up my house in order to sell it. I have no cash-on-hand but I do have somewhere between $60 and $70,000 in equity. The biggest kink is that I am unemployed with the worst credit on the planet due to the fact that I have spent the last 3 years caring for my grandmother. Recently, she passed away and I can finally sell the house but have been told that I could lose anywhere between $20 and $40,000 if I don't make all the necessary repairs. Most of the repairs are cosmetic but I do have a couple of major repairs - central air is out is probably the biggest. I guess what I want to know is just how these type of loans work and if I will qualify without a job and sh*%ty credit? Of course I plan on returning to work after the house sells but with all that needs to be done I just don't see how I could do it unless I worked at it full-time. Looking for any and all suggestions...
Thanks!
Michelle