Question by: Matt
I’m looking for an all-in-one sort of loan. Loan would pay off a foreclosed home, three car payments, as well as cover some other debts. The home and auto values would be put up as collateral, and would be valued at the loan amount or greater (Foreclosure/short sale is for less than half the value of the home). I’m not sure how to go about looking for something like this (or if it would even exist), and my credit is not that great. Any help would be appreciated!
EDIT: Since I cannot find a way to reply… The home does not belong to me and hasn’t in the past. I guess to clarify it would be to purchase a foreclosed home, not pay for a home that I lost myself.
EDIT: Since I cannot find a way to reply… The home does not belong to me and hasn’t in the past. I guess to clarify it would be to purchase a foreclosed home, not pay for a home that I lost myself.
Best Answer:
Answer by falsi fiable
If your home has been foreclosed upon, it is no longer yours to use as collateral.
A debt consolidation loan CANNOT be used to payoff a mortgage.
If you have poor credit, you won’t be getting any such loan.
You need to speak with a debt counselor affiliated with the non-profit National Foundation for Credit Counseling http://www.nfcc.org
Good luck!
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