new home owner and need secured loan but bad credit

U may be able to get a home equity loan. And seems if u were able to buy a home then u sud be able to get a secured loan!
But that's jsut my opinion,
Ang

I was wondering who you went through to get a new home loan with bad credit?

Secured loans are designed to help those with poor or no credit get the loans that they need. Additionally, because the security deposit (another name for collateral) guarantees that your lender will be able to recover his money - most lenders will extend loans with lower interest rates than the same loan with no security.

The most common types of collateral are real estate or automobiles, though it can be anything that is equal or greater value than the amount that you borrow. In most cases, you don't give up physical possession of your car or home - you can go on driving it or living in it as long as you continue making your payments on the loan. Instead, you sign a note that gives the lender a legal right to the title or the deed to your car or home. If you default on the loan - don't make the payments that you've agree to make - then the lending agency can take possession of your property. If it's an automobile, it's commonly called repossession. For real estate, it's called a foreclosure. In either case, the lending agency has the right to sell your property in order to recover their loan.

You may want to check beneficial.com, I know they lend to homeowners with bad credit, I don't know if they service your state or not but it's worth a try. I believe you can even apply on line. believe they have a high interest rate.

I also would like to know from the original poster here, rmarbella, where you went for a home loan with bad credit. I'm kind of in the same boat. Need to get a home loan while in a debt settlement program.

If you are in a debt settlement program you probably do not qualify for a mortgage. However, if you are in debt management and are making payments now for a year, you could possibly qualify for a mortgage through FHA. The only way you will be sure is to contact a lender and ask to be prequalified - they will tell you what you need to do to qualify. Choice a lender who has Federal Housing Administration as one of their products; they are more forgiven than most programs.

Hello Rmarbella

Yes, you can obtain a secured loan despite of the fact that you have a bad credit score. It all depends on the amount of equity you have in your house. If the equity is higher then the lender is at a better position to recoup his/her money in case of default.

In most cases it has been observed that for availing a fresh secured loan you have to pay higher rate of interest.

But I personally feel that you should wait for sometime and improve your credit score. For credit repair you can go through the following site:-
"http://www.mortgagefit.com/calculators/credit-repair.html"

It is an interesting site where you will get ready made suggestions on different scenario.

Regards,
Phoenix

This article may help in choosing a secured bad credit loan

http://consolidate-debtloans.blogspot.com/2008/05/choosing-secured-bad-credit-loan.html

Nowadays, most lenders will require that you have owned your home for at least one year before allowing you to use the current market value on a refinance or home equity loan. Also, when you say "bad", how bad? Do you know your FICO?