The Finance Blogger

Bad Credit Home Loan in San Jose

Bad Credit Home Loan in San JoseWe received the following question and information from a reader about bad credit home loan in San Jose and will answer his questions in our next post.

Question to Debt Counselor::

I am trying to arrange a loan with my home offered as security against the loan. The only reason I am doing this is that I have a bad credit rating and I am wondering if this approach will work given my circumstances. The proceeds of the loan is going to be used to consolidate credit card debt that I have at a lower interest rate. My credit rating suffered as a result of missing several payments on the credit cards and a report going to the credit rating agencies. I have never missed a payment on my mortgage and do not even plan to. Our home is our castle and we will do everything we can to retain our home and not risk losing it.

Do you currently have a mortgage? :: I have a small mortgage. I have never missed a payment. There is lots of equity in the home, enough to support taking on this additional home loan even with a bad credit rating. I can really can use your help to get approved for this mortgage. If needed we could also arrange for an appraisal to establish the value of our home.

Home/Mortgage Loan Amount :: $10,000

Other Loans, Including Credit Cards:: Credit card balance is approximately $9500, which will be paid off with this bad credit home loan if it is approved.

Are you employed and for how long:: I am employed with a small company for the past 10 years. the company is very profitable and I see no reason I should not remain with this company for many more years.

Your credit rating to be – excellent, fair, or bad? :: My credit rating is bad due to missed payments for a couple of months.

Gross Amount Per Paycheck :: $2500 every two weeks

Do you agree to have this information published online, without your PRIVATE information of course? :: ok

Extra information here please (some detail)::

I would really like to be approved for this loan and show that I can make all of the payments on time and recovered my bad credit rating. We will also save a lot of interest payments as well since the interest rate on the credit cards is around 20%, while I am hoping that the home loan can be approved for much less. I can send you copies of my pay stubs to show how much I make and to show what my deductions are. In addition, my bank statements can show that I have never had an insufficient funds situation.

Do you think that this is the right approach to recover from a bad credit rating and reduce my interest payments?


If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment with as much detail about your situation as you can. We will try to answer your question in our next post.


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One Response to “Bad Credit Home Loan in San Jose”

  1. too bad for this guy. his bad credit is going to cost him when it comes to interest rates!

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