Hello everyone-- I'm a new poster here but I've "lurked" for quite awhile. I have a lot of admiration for all of you regulars-you are all very wise and have some good advice to offer. I hope you can help me--but please--no lectures! I'm wondering if anyone knows of any place that I can contact to get a personal loan. I have a NEW mortgage that I'm already behind on due to some very unusual and unexepected circumstances. That situation has been resolved but I need to play catch up on my loan! My credit score is already terribly low. I'm looking for about $5000--enough to pay get up to date and have a little bit of a cushion. Any ideas of who may be willing to take me on--I know it would have to be subprime but I'll take what I can get. Thanks in advance for your suggestions!
personal loan--ps I forgot to mention that I have about $14,000 of equity in the home because of the down payment
personal loan--ps Doesn't look too promising if you're already behind on a mortgage loan. That's the payment that you've just GOT to make, and everything else gets left behind (not a lecture, but a reality of how lenders view this). Subprime lenders that come to mind are: Washington Mutual Finance - I have a line of credit through them at 21% amortized over 24 months. It sucks, but it helped with a worse lender. Wells Fargo Financial - also a subprime lender that deals with "challenged" credit. They may be able to help, but again, no guarantees. Refinancing with a low-cost mortgage COULD be an option, but you've said that you've been behind in payments on it before. As long as it's not REPORTING as late (2 weeks late, not 31 days late) you might have a shot at refinancing with low costs, or even a home equity line of credit.
personal loan--ps Thanks for the info. I could still use names of a couple more subprime lenders though. Washington Financial doesn't currently serve my state. (Wisconsin). They used to do internet loans but because of some recent changes in the law, they no longer provide those for anyone and can only do loans in states where they have branch offices.
Re: personal loan--ps too much, what's wrong with that as an idea? If the APR on one the late account is high and the line of credit offers him a much lower APR, that would be the equivalent of re-financing to get a lower rate on the first account. Of course, the bottom line is that he'll still need to generate the money on his own to get out of this trouble, but this somewhat saves him money on the fees. As long as he gets that he still has to pay all this back, this isn't a bad idea.
Re: Re: personal loan--ps The problem is that they are going to have to borrow money at 15%+ (probably higher, and from a shady lender) to make past-due payments on a mortgage with a lower interest rate. On top of that, they want to have "a little extra" lying around for emergencies... which will be accumulating a 15%+ interest balance. It's a death spiral. Their best bet is to contact the mortgage lender and see if they have a hardship program.
