I need some Financial Advice PLLzzz!!

United States
October 29, 2007 9:28pm CST
hello everyone..Soo this is a situation i need soem help with..My Hunny..well hes goin threw some tough times..very touch..hios credit sucks bum..and his jeep is being repoed..he own his home..but has noooo co signer at all..but again owns his home..My question is this..Say he goes to a fiancial place like Citibank..could he put his home up for collateral and not need a co signer ya think?? or woudl he need one anyways?? anyone been threw this at all?? its his business right now..but i want to help him in the background..but i want to do some fishing about it first..can any one at all out there help me?? Thank u soo much..April:)
2 people like this
7 responses
@JowJie (271)
• Philippines
30 Oct 07
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).
• United States
30 Oct 07
hello there jowjie..thank u for the post..i really dont know..i do know that he needs help..and he needs to get his feet on teh ground and if he lets me help him..his life could be better..and i can fix this..and i do thinkhe needs this to pay all his crap off and get ahead..and start over fresh..and likei said ill help guide him..soo what i want to know is..what do u know about citibank if u dont mind..thanks soo much April
2 people like this
@Debs_place (10524)
• United States
30 Oct 07
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.
3 people like this
• United States
30 Oct 07
well..thats true..but im goin to help him get his a$$ outta his head and get him back on the road to recovery..i dont know whats better pay what he has off..or work on getting a new one..though his credit wil get worse for now..that fixable..because like i sad he has more troubles besides this..but at the same time i really dont know..but thank u soo much for the information..i really appreciate it ..take care! April
2 people like this
@bagumbayan (2705)
• Philippines
30 Oct 07
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.
@tanjam420 (228)
• United States
30 Oct 07
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..
@tess1960 (2386)
• United States
30 Oct 07
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.
1 person likes this
@tess1960 (2386)
• United States
30 Oct 07
Also, I work in an office that records mortgages on land transactions and citibank is one that sells it's loans out to other bank/mortgage companies. I would look to a different bank if it was my friend. Citibank and Citifinancial are connected also. Is Benificial Mortgage in your area? I would try them. But my previous pist stands I would not mortgage home if I own it outright, things could get worse, no matter how much help you have unless the help is financial. Are you prepared for helping him financially?
1 person likes this
@KrisNY (7591)
• United States
12 Nov 07
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.
@Gemmygirl1 (2870)
• Australia
13 Nov 07
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!