I have a lot of equity in my home but have bad credit and don't have a job. Are there any HELOC options for me?

I have a lot of equity in my home but have bad credit and don't have a job. Are there any HELOC options for me?
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#1

I own a home in the San Francisco Bay Area and I have more than $500k in equity. I need a loan to pay 5 months mortgage payments (mortgage not in my name or on my report) for the house that I own (got it in the divorce; sole title holder, but loan not reported on my credit). A series of mishaps with my mortgage processor caused me to become 5 months delinquent on my mortgage while I believed the account was current. I don’t have 5 months payments, but I can make the normal payment. I need a home equity loan or line of credit to catch up. Bad credit (around 620), self employed (rent rooms in my 7 bedroom house to students), and disabled. I cannot sell - it’s complicated. I must stay in my home for many reasons. Where can I find funding to catch up on my mortgage? I can afford to repay it. I also have a VERY large settlement coming in two payments, six months apart, but I won’t get the first payment for about 6 more months. Looking for lenders who will lend to me $25k.


#2

Great question and tough situation here. I would check two things, number one I would check a lender who you have a good payment history with where you have gotten a loan and paid back them as agreed. I would also check online for any outside agency resources for grants or assistance with payments. Keep your home California maybe an online resource for you to check out. Be careful though of any agency asking for funds upfront to help you out as this should be a free service.


#3

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