Hello all,
At this point I think my best option for cash to do deals is to take it out of my house which I have equity in. The problem is my credit score came back at 585 and my broker says he can not dot it. I have never been late on my mortgage. Any advice?
What LTV % are your trying to accomplish to access the cash?
I would like to get as much as possible. I owe $365,000 on my home. My neighbors did a refi last month and their appraisal came back at $480,000. We have the exact same house.
What caused your credit score to be so low?
I do not know and my mortgage guy does not know. My score was in the middle 700s last year this time which is when I purchased my home. He said even though I have a mortgage now it should not have dropped it 200 points.
nyrealestate,
If you haven’t done so already, you NEED to pull a copy of your credit report and find out what’s going on! Identity theft (both intentional and unintentional is on the rise)…I actually had a friend that had his Social Security number issued to someone else accidentally. That was a mess. I take report after report every month on identity theft, and it’s hard to prosecute, or even investigate. So, I’d definitely pull your report and find out what’s going on and what you can do to fix it!
Good luck!
I agree, you need to solve the issue at hand before moving on. Otherwise, it may come back at an inopportune time. Get a copy of your report and contact the bureaus to find out what has caused this issue. An experienced broker/loan officer should have no problem discovering the issue and help you solve it.
Whatever you do heed MDHaas and StreetCops words. Do not rush back into this. Clean up the mess that you are in now and lay the groundwork to ensure that your next ventures are strong.