Would you be willing to invest in a high risk loan for 28.75% if you knew they had a great job?

We make over 80,000 a year and we have a bad credit rating because of a health issue and some not so smart choices. We are trying to get a loan to pay off everything on our credit (less than 7000.00) not counting our car loan (up in FEB 07) and our house (we owe110,000 and it is worth 135,000, but can't get a home equity loan in TX b/c of the refiance only 80% law.) We can afford a payment of up to 475.00 a month. I have a listing on Prosper, but I only have a few bids right now. The listing is under gandbcole if you want to find out a little more about us. I just need to know where to find a private investor that wants to carry a loan for 2 yrs at a 28.75% rate. I do not mind paying the high interest if I can get rid of all the old on my credit and only have good stuff showing to improve it. What should I do? I would even sign a personal guarantee putting up the equity on my home for collateral. Just do not know where to look.

Would you be willing to invest in a high risk loan for 28.75% if you knew they had a great job?

New debt does not solve the problem of old debt.

My suggestion is that you sit down one weekend and schedule out every dollar you spend on a daily basis. Then, categorize that according to absolute musts (i.e., mortgage payment, health costs and food). Then, decide what other things you are spending money on that are not that necessary. Take that money and pay off the old debt.

Would you be willing to invest in a high risk loan for 28.75% if you knew they had a great job?

Rich or not... 28.75% is a crackhead APR. Thats for sure. Why pay unnecessarily high interest rates when there are so many competitors offering lower ones? unless of course hate the irs so much youd rather pay it to the credit companies. My opinion = you 28.75% either means you didnt shop. or you get so really terrible credit

Would you be willing to invest in a high risk loan for 28.75% if you knew they had a great job?

First of all sell your brand new car-even if you lose money selling it now,you will still gain by not paying long-term interest-,pay what you owe on it,pay down your credit cards to improve your FICO score,-Check your fico score-buy a USED CAR,4 cylinder instead of 6 or 8-don't go to movie theatres or dine out,cook at home,cut your cable vision get an off air antenna-channels are free,If you have an offer on your house -sell it and relocate to a smaller house ,as you have health issues,you will go into Chapter 11 if you keep living this way.and in 6 months you should start seeing a little money and can probably get a house for $75,000- that seems to be your budget-Good-Luck.