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singlemomtryin asked:


I am a teacher who ended up bad credit after borrowing money for college and with the expenses of my child. I have steady income.
I need some money to pay off some bills(credit cards,loans, other stuff about a $50,000 debt. I own some inherited commercial property that is worth about 25-30 thousand dollars. I want to remodel the old house on it but I don’t have the cash. Also I would like to borrow some money on the place to pay off some bills. I am more than 6 months behind on a lot of my bills. Is it anything that I could do to get some money with bad credit. I have owned this place for 3 years but can’t earn any profits off of it because I don’t have any money to invest in it. The property is in North Mississippi in a very good location of business.

Also I would like to know what type of loan do I say that I need?
Th property has never had any liens on it.

Any advice would be appreciated!
My income is less than 33,000

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4 Responses to “Is it possible for a single mom with bad credit to get a home loan if she owns an acre of commercial land?”

1. sassie_tx_gal Says:
   June 8th, 2010 at 3:49 pm

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   I don’t see why not as long as you put the land up for collateral and have a job to pay the loan back. You may need a co-signer though. Sorry, I can’t help you with the type of loan, though.

2. no white flag Says:
   June 11th, 2010 at 4:52 am

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   I don’t understand how $25-30,000.00 will help much with the debt you are talking about. And besides, the loan to value ratio on commercial property is about 75% meaning if the property is worth $30,000 the most you could borrow against it would be somewhere around $22,500. Not to mention the high interest rate you’re going to get with a poor credit history. You need $50,000 for your debt, you’re 6 months behind on your bills, and want to fix up the old house and you make less than $33,000.00. This is just my opinion but I think you need to go to a financial planner and come up with a better solution that will not only help you out in the present, but will be better off for you in the long run. If you’re 6 months behind on your bills, you need to take care of the way you handle your finances before incurring any new debt. Sorry, that’s my best advice. Good luck

3. David D Says:
   June 13th, 2010 at 11:11 pm

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   I found some good info here.

4. lostbabydoll4u Says:
   June 15th, 2010 at 11:01 pm

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   is there any home equity in this house? if so get a loan off of it with a low apr and then you can fix it up and if you want to sell it there you go.