I need some Financial Advice PLLzzz!!

I dont know much about houses being a collateral, but just thinking...if he is going to make another loan, dont you think he's in for another problem? (Citibank is cruel when it comes to collecting payments).

THey might..but if he defaults he could end up living in a box. He is in a tough place and I would recommend if he is looking to get a car..to buy and old junker until he can afford one...this way if he has to sell the house..he can do it on his terms ..not the banks..where he could take a beating on that.

Why would he put his house up for collateral? I remember another post about him getting a job in Alaska for $100K- and you want him to stay back with you- Selfish to me- especially if he really is this bad off- Let him go- take care of his kids, his financial well-being, etc. I don’t know anything about this- other than I am pretty sure I wouldn’t be using a home I own as collateral. They could take that too and then he would have nothing.

From my experience/knowledge in order to get a loan without a co-signer he will have to be willing to pay a very high interest rate. I personally think it would be a mistake to use his home as collaterol for a loan at this time. Atleast he owns it and does not have to woory about it being foreclosed on. He would have to be able to show income to be able to repay the loan also.

i am not sure if he will need a co-signer or not but it is always worth a try... ok... my husband just went through this place called citifinancial and they were going to give him a loan if he took out enough to cover what whas on his credit report(which was not very much at all) plus the amount that he wanted..i guess it is called a consolodation loan.so i would start there if he is willing to go that route.it never hurts to try and if it is not going to work then you can figure out another sorce.. good luck..

If he already paid the house he can use it as his collateral in borrowing money from any bank offering loans. If he is working he can apply for some credit institutions backed up by his employer. He can also apply in come cooperative institutions that he is a member. And maybe he can look for a job, agents, call agent, cashier, and can accept two or more jobs to help him out. And of course you can help him out by getting some jobs, helping him in his financial worry and go mylotting.

He shouldn't need a co-signer if the house is his - having said that, a lot of people class their homes as being 'OWNED' while they're still paying off their mortgages - so the question is - does he OWN it outright or does he have a mortgage? If he's that strapped for cash though, i wouldn't recommend he use his only assett for collaterol, if things go south AGAIN then not only will he lose everything else but he'll lose the house as well. He'll be in a worse situation than before. I too own my own place (outright) but i would never EVER use it for something else, why? because it's not worth risking. If i ever got in to financial trouble, then i could lose my home - i have other people to think about as well! PLUS, with so many people having trouble affording homes these days with interest rates, i'd never be able to own another home because i simply wouldn't be able to afford it. See if there is another option for him with borrowing, there are heaps of new companies coming out of the woods now who lend to people with bad credit - their interest rates might be higher but it could get him out of trouble for the moment at least! Good Luck!