Date: Sat, 16 Oct 2004 16:37:21 CST
From: hurricane350@yahoo.com (Eric)
Newsgroups: misc.invest.financial-plan
Subject:  Home Equity Loan or Refinance? Bad Credit help also...
Message-ID:  
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	Kwq8dDRr6Qgfyui4qV05JLgg3TDBLa8Py2gBlhYRC/pXJbkdNYq2yQ==
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I have a rather interesting situation that I
know I will need professional help, but I was
wondering if you could help point me in the right
direction... My mother had passed away a little over a
year ago and me & my sister got the house. I had been
living there since birth and the last year taking care
of my mother.(Alzheimers) My sister & I came to an
agreement that I would pay for her house in Florida
(127,000) and I could keep the house. My house was
appraised at 371,000. My mothers house had loans on it for
17,000 which had matured in 2002 and dont ask me why
the mortgage company wasnt hunting my mother down, but
they were not and another loan for 10,000 for some
home improvements. I had to take out a mortgage to pay
off the existing loans & pay for my sisters' house per
the agreement, but I could only get a 30 year mortgage
for 150,000 according to my mortgage guy. I was very
nieve back then, wait till you hear my APR! 9.75!
Anyways after paying lawyers fees, some old credit I
owed, the mortgages, etc... I only could pay 83,000
towards my sisters house. So now I pay 1585/month for
my mortgage 852/month for my sisters and now I have
Mass Health coming after me for my mothers expenses of
19,000! That was just one year of using them as my
mothers health coverage. That is a whole other issue but a
nyways.... I know I can no
longer afford to live here, and I would like to leave
the neighborhood anyways and build
a new house in a couple of years. I need some advice
in what I should do in the short term. I plan on
selling my house as soon as I fix up some things, but
I am not sure if I should take out a home equity loan
or just try and refinance. I have been current on my 
mortgage since I got it (Nov 2003) but I know my credit is 
still bad. (FICO = 653 as of 09/04) Please help!

Update: Just got denied for Citizens bank HEL of 50K on 10/16/04.
I dont know what to do. I have over 200k in equity and Im gonna 
lose my house.