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Hi all- Quick question. My good friend owns a home that has recently appraised at around $825,000. He has 1 mortgage and that's for $398,000. His income is roughly $42k per year. His credit is bad/fair, no bankruptcies or foreclosures, mainly charged off cards. We're wondering, does anyone think he could qualify for a loan for $80,000 based on the equity in his home? We've yet to apply anywhere; first wanted to run this past the pros here. (I'm usually over in the credit forum). Oh, and if so, with whom do you think he should apply? THANKS!
