My crony has a equity in his home 0,000 though his credit measure is 560. He wants her daughter to take a equity loan though she is not in a deed.
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- My daughter and I own a home together. If I take out a home equity loan, will my daughter be off the deed?
HELOCs under 660ish just simply dont exist anymore these days. Sorry bud. It is possible to put a co-signer on the mortgage if the co-signer has good credit and a good work history. Have your friend email me to discuss further… Its also possible to do a refinance to get access to the cash quicker…
Tell him to re-think that plan. $300,000 is a lot to take out against a house. Even if she gets 30 years to pay it back, its going to be a big payment each and every month. For most people that’s more debt than they can handle. Can he wait that long? AND can she make those payments??
He can access the equity and add her to the deed. A good loan officer can steer him through the process. I suggest Hometown Banc Corp. My mom used them. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don’t simply “forget to call you back.” They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at http://www.totaldebtsolutionsllc.com and a Hometown loan officer will contact you .