I am trying to arrange a Bad Credit Home Loan in San Jose 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. I plan to consolidate credit card debt at a lower interest rate. My credit rating suffered as a result of missing several payments on the credit cards. A report went 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. 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. If needed we could also arrange for an appraisal to establish the value of our home.
Other Loans, Including Credit Cards:: My credit card balance is approximately $9500. It will be paid off with this bad credit home loan.
Are you employed and for how long::. I am employed for the past 10 years. The company is very profitable. 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
Can I be approved for this loan? I want to 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%. I would like the loan approved for much less. I can send you copies of my pay stubs. They will 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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too bad for this guy. his bad credit is going to cost him when it comes to interest rates!