Eric's Credit Community

Hello everyone,

I live in Texas which has an 80%LTV Law meaning that if you have a 325,000 house you mutiply that by .80 = 260,000.  You then subtract your principal of say 245,000 leaves 15,000 available to borrow.  I have $80,000 of equity in my home but could only get a loan for $15,000 because of the Texas law.  Just to get the $15,000 loan I would have to finance it at 6.75% and lose out on my current rate of 5.5% (Unreal).  That is why I am here.  The $20,000 loan I am requesting will all go to debt and save me $1000.00 a month.  At 12% for 3 years the payment would be $688.  I am currently paying $1700.00 a month for the same amount of debt. 

Now, a little about me.  I have worked at the same job, 11 years in December.  I work 10 hours a day M-F.  Someone goes and gets our lunch for us everyday and so I only take about 20 to 30 minutes for lunch then back to work.  I also work 4 hours every other saturday.  We only get 1 week of vacation no matter how long you are there and 4 holidays.  4th of July, Thanksgiving Day, Christmas Day, New Years Day.  I only tell all of this so everyone knows I am a dedicated, hard working, responsible person and employee.  I have a beautiful wife and 3 amazing kids, the oldest which had brain surgery about 6 months ago, still got straight A's though.  Amazing.  My wife works at our Church and we try to raise our children to our high Christian values.

Please don't let the E rating throw you.  I may have an E rating but I have a AA pay rate.  Only 1 late in 7 years, come on.  And that was just this month, which is why I am here.  I have a 401k I can't touch with $55,000 in it.  It is killing me having over $100,000 of worth and not being able to use any of it to my advantage.  I have about $40,000 in credit card and loan debt.  I want this loan for half of the debt and can much pay off the other half much easier.

Thank anyone who reads for your time.