Has anybody exceeded in getting a secured loan with mortgage arrears?
Answers:
I think you mean 'succeeded' in obtaining a loan. You have to understand how this all works. You may have a home worth "X" and it may be loaded with equity, but the lender, even if they are charging 14, 15 whatever per cent, is concerned NOT about your house, but your ability to RE-PAY the loan. Bank of America, Chase, whatever, does NOT want to own your home. They are NOT real estate companies. Foreclosing ADVERSELY affects THEIR balance sheets, too. I'm not going to go into all the specifics, however, based on what you have written, if your mortgage is in arrears, I'm assuming your other debts are too. No bank, credit union, s&l are going to consider your case. You need a good broker and a lot of luck.
succeeded.
no.
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