How should I manage my finances now?
Date: Fri, 07/12/2013 - 04:41
I had applied for a home equity loan. I need the loan to pay off my first mortgage. My lender has threatened to foreclose my property in Arroyo Grande. The loan application was not accepted due to some late payments and poor credit score. My current credit score is 650. I have an auto loa also. Please advise me how to deal with the situation.
Obviously if you cannot pay
Obviously if you cannot pay your 1st mortgage, no one will give you a second. Have you tried doing a loan modification???
If you defaulted on your 1st
If you defaulted on your 1st mortgage, then the lender may not consider your low risk borrower. So, he may not provide you with a second mortgage. Try to modify your first loan to eliminate it fully to apply for a second one.
How will you get a second one
How will you get a second one if you didn't even finish the first loan you got. I can suggest that you settle with some financial assistance the first one before trying to acquire another loan.
commercial & residential financing