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is it possible to get a home equity loan or to refinance while your already behind on your mortgage?
asked by brownetw - 4 Answers
we have about 20k worth of equity but we fell behind on our mortgage payments early this year and negotiated a plan to incorporate the amount we were behind into our normal monthly payments. making those payments a bit higher each month. that however is still not working because of all of our other bills and we want to use the equity to pay off a vehicle and a bunch of credit card debt etc... is that possible?
Best Answer by Ed Atun
You would have to borrow from a private individual or a "hard-money" lender. They advertise in the classified section of the newspaper. The banks will not trust you a 2nd time since you already fell behind once.. ... See all 4 answers
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