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
I think it might just be possible to get a home equity loan but proabably one that has terms that are not very attractive, i.e. rates, etc. Consider finding employment first, then consider doing the cosmetic repairs yourself if you can. The AC is probably one issue you can't do w/o paying for assistance from a HVAC company. That's about all I can suggest, but just beware of predatory lenders if you go for the home equity.