Refinance or HELOC with bad credit?
My fiancé inherited a home with his siblings. We want to refinance this home and buy out the other beneficiaries so that we can fix it first before we sell it. It needs repairs and the other beneficiaries aren't interested in doing this. He has bad credit in the 500's. Will any lenders consider refinancing or doing a HELOC?
I don’t know who I should call, a mortgage broker or a traditional regional bank? Is it even worth trying for with such low credit?
If not, what other options seem reasonable? The house is paid off and would be worth a lot more if it were repaired. Other beneficiaries are apathetic or overall uninterested. We don’t want to lose out. What can be done? Worth noting that my fiancé is not the executor, his brother is. Although he could be made executor if necessary.