Tuesday, 15. March 2011
We have over 50.000$ Credit Card Debt.
1. Card I owe 26 K and my Interest rate is 7.9%
2. Card I owe 19K and interest rate 11.9%
3. Card I owe 5 K and interest rate 26.4%
I also have Car payments, house payment.
I don’t want to file Bankruptcy because I have Top Secret Clearance and I am not sure about Credit solution companies. I don’t know which one is better but they all seem like pretty much scam.
I own a house I am thinking about refinancing my home and add my debt in it. I am also searching for home equity loans and consolidation…
I will really appreciate any suggestions.
TIA
I really appreciate all the answers coming!
I quit using credit cards last year, and I possibly cut everything I can.. But my my debt to income ratio is so high!!
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Tuesday, 8. March 2011
I heard that if the value of your home drops below what you owe on the 1st mortgage, the 2nd mortgage can be discharged in bankruptcy as an unsecured loan. Is this true?
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Sunday, 23. January 2011
Over the last few years, my husband has been laid off numerous times. Each time, I had to take out credit card cash advances to keep us afloat. In addition, we had refinanced several times and took out a home equity loan so we now owe more than our home is worth. When we are both working, we can pay our bills but with him laid off again, we are drowning. I can no longer take out any more cash advances. I have been paying my credit cards on time because I don’t want the interest rates to jump up but then I can’t pay my mortgage on time. I’ve been paying it right before the 30 day mark so it won’t show up on our credit reports as a late payment. I don’t think I’ll be able to do that this month. What should I do? My mom thinks we should file bankruptcy but I really don’t want to do that.
Should I continue to pay my credit cards on time and pay the mortgage late? Possibly let the house go and rent something cheaper?
Should I pay my mortgage on time and pay the credit cards late? Possibly file for bankruptcy? We have about ,000 in credit card debt.
I am so stressed out by the mess that we’re in. We have 2 children in college that will be depending on us at least for the next year. I am mentally, physically and emotionally exhausted.
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Friday, 7. January 2011
We have lived in our home for about 7 years now but we have fallen on hard times. We have a 000 home equity loan on our house. If we were to foreclose on the property what happens to the home equity loan. They are with 2 different companies. We also filed for bankruptcy almost 4 years ago.
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Saturday, 1. January 2011
4 years ago my wife and myself purchased a home in Ma. Needless to say, We paid alot. At the time, the market was hot and we had relocated from a market which had a significantly lower home prices. In order to continue living in the lifestyle we had grown accustomed to, we did some "creative financing". We took out a no interest loan for the first 2 years and were lucky enough to refinance before the market cooled down. We also took out a Home equity line of credit. We were able to secure good interest rates on both but the monthly output is substantially more. Combine this with a few life changing events, we find ourselves on the verge of forclosure or bankruptcy. Are there any better options available? If not, which of the 2 options will be easier to recover from? By the way, selling the house is out. It will not appraise for what we owe.
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Monday, 27. December 2010
Is there a mortgage company that gives people a second chance with bad credit but a good income? One that doesn’t charge an arm & a leg in interest? One that actually tries to help people who screwed up their finances and want to get on track without bankruptcy?
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Tuesday, 30. November 2010
I had a setback, lost my 20yr job to bankruptcy. I made a few good choices, and survived for 18mo, until I found a new ok job. meaning I now make more then my bills, instead of using part of my saving or adding debt to my credit cards to make ends meet. So now I make 30,000, and would like to take advantage of the interest rates. I have a 6.25%. and was told by at least 5 banks or loan companies I could get 4,75% I have over 20% equity, in my home. After I start the loan process, it always falls through. Either the interest rates goes up a 1-2 points, or they want me to put down an additional money. Sometimes it is for the loan process, which is above the usual 2,000-5,000 closing costs I was exspecting. Sometimes it is to increase the down payment.I have a 120,000 house even after the housing crash, and owe 92,000. I actually was going to put 10,000 down to help lower my payments even more. But that still is not enough. The loan never happens. I have a great credit score, and make more then enough to pay my bills. So why am I not getting these refinance loans?
Income to debt is very good. I have other proterty that now only pay for themselves. I uses to make a little income. But I have no other debt, or other loans out.
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Sunday, 14. November 2010
My daughter bought a house with her fiance in 05′ (in California) they have a first and a second. The second is fixed but the first is a variable and the interest rate is doubling. They put no money down and the first was an interest only loan, therefore there is no equity and the house has declined significantly in value due to the market. Also, she has ,000 in credit card debt. I am thinking they just might be better off if she files for bankruptcy at this point (yes she has learned her lesson) and perhaps in the future they can purchase another home maybe even sooner since he has pretty good credit, housing prices are a lot lower and he could qualify for a loan.
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