Try4Gr8Credit Posted April 8, 2008 Report Share Posted April 8, 2008 O.k. never posted here and was hoping for some help. Here's my situation. I ran up about 25k -30k in credit card debt. Spread out amongst like four cards. I would like to get a loan to pay them off. But here is the kicker...on paper I only make about 1300 a month from ssi/disability but I own some rental properties (3) whose income I haven't reported. So my DTI is jacked up.Who can I go to and explain that I make all of my cc payments on time and would just like to make one payment? They should be able to overlook the dti since I have no late payments. Anyone out here know of a bank, broker, lender that will help me and see where I am coming from? Link to comment Share on other sites More sharing options...
swirlgirl Posted April 8, 2008 Report Share Posted April 8, 2008 Can you get a HELOC on any of your rental properties? Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted April 13, 2008 Report Share Posted April 13, 2008 I would like to get a loan to pay them off. But here is the kicker...on paper I only make about 1300 a month from ssi/disability but I own some rental properties (3) whose income I haven't reported. So my DTI is jacked up.That is not an issue. When you fill out the loan application and sit with the loan officer, you tell them about the rental income. You will have to verify it because they are not going to take your word for it.Is this a private corporation that you have all three of them rolled up into? Or is this just three properties produce income for you?Now with the credit mess, a lot of outfits will require that the credit cards be closed. That happened to me before. And in all frankness, you are so much better off if they are closed. Yeah, it will hurt your credit but the point is that if you fell into a debt hole, getting out of it is the biggest priority instead of trying to spruce up your credit.The hardest thing for people to do is to "not" go overboard with credit because that bills consolidation loan just blows up in your face if you rack up debt again.And also check out your local credit unions:www.CreditUnionAccess.comBefore you apply, you may want to call up a couple of places and ask to talk to the loan department; not the customer service rep but directly to the loan department and tell them your situation. You can save a lot of time and grief by finding out ahead of time if that lending institution had greatly tightened their credit lines. Some places are only lending to prime and super prime customers. Link to comment Share on other sites More sharing options...
jq26 Posted April 14, 2008 Report Share Posted April 14, 2008 imo, you may have some complications "proving" income that you don't report. You could easily show them your schedule E but without it, I assume you'll have to fall back on leases (I assume you are collecting cash to avoid the IRS seeing the monthly rent checks). In this context, it may be tough to use this unreported income to override a killer dti. Check around. Credit union tend to give money out more leniently. Link to comment Share on other sites More sharing options...
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