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Home Equity Line of Credit- Should I? Please read any advice is appreciated!?

I own a house valued at 140k. I owe nothing on it except a mortgage to my father for less than 10k. This was just put on there so he would be notified in the event that I wanted to sell and its also the amount he put down on the house for me. My grandmother owes 4k in credit card debt. Id like to pay it off in a year or less using a home equity line of credit. Should I do it? I would borrow the money some other way but my credit score is somewhat low. (580-600) The intrest rates on the HELOC im looking at are pretty low 10-12% w. no closing costs. Im honestly not even sure Im going to get approved for it. I just know I need it to help my gram out. So the question again is, Should I?
THANKS!

I think you should. As stated earlier, with the equity you have in your home, you can pay off everybody and just have the bank to deal with. But you probably won't get a very good rate because of your credit score. In case you haven't checked, I suggest you get a quote from an online broker like savings.com: http://www.kqzyfj.com/click-2184795-1039...

You will get several quotes from their network of lenders and will see exactly where you stand, from a financial point of view

You are an awesome grandson! It would be a wonderful thing to do for your grandmother, but I would caution you to limit your equity line to about $10,000.00 to protect the equity in your house. Most lenders will encourage you to apply for more, so be prepared.

Right now you have - by your own reckoning - 130,000.00 equity. Hold on to it.
me
You say you own a house worth $140K, have no legal mortgage on this house, owe your Dad $10K as down payment, and want to get Line of Credit on your house to at least pay your grammas debt? If it was me in your situation, I would go to a bank and ask for a line of credit around the $25-$50K mark. With this money you can then pay grammy's bills, pay off Dad (if you wanted to) and have money left to either buy a car or renovate the house. I say....GO FOR IT!!! The smaller the line of credit requested is, the better the chance of getting it and the lower the monthly payments will be.
Absolutely, your credit score is somewhat suspect though. I like answer #2 about getting more out to renovate and have money left over for yourself. Check out the free evaluation form at :

www.totaldebtsolutionsllc.com

and they can have a loan officer contact you who specializes in B and C credit.