Easy Home Equity Loan

we have about 4000 in credit card debt and didnt know it using the equity in our home to pay them off would be smart. Im not sure exactly home it works…..say we wanted 5000…would that 5000 just go on to what we already owe on the house and increase our mortgage payment or how does it work?

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I have massive credit card debt. I don’t blame anyone but myself for this. However, the interest rates on the cards has gotten ridiculous. I have never missed a payment or been late, but my simple debt, meaning my debt to income ratio, precludes me from getting a normal loan or new credit card to which I could transfer some funds. All my cards are maxed out as well. Again, I could site the bad economy and poor job market, but ultimately I ran up this debt. The monthly bills for the CC’s alone represent a third of my pay. My debt to income ratio is 100%. Meaning that I make just enough money to pay my minimum payments. But at this rate, I will be paying my bills off forever. Are there any legitimate debt consolidation places out there that can help. My credit is extremely important to me, hence the reason I have never missed a payment or was late on one. I do not want to declare bankruptcy or do any kind of consolidation that puts a black mark on my credit. I own a home now, but because of the realestate crisis, I’m under water with that as well, so an equity line consolidation is out of the question. I don’t think that I am so out of the ordinary. I feel like I’m in the majority of americans suffering in this economy. So, can anyone help? Are there any hardship loans or consolidation services that actually help without hurting your credit score.
thanks

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We still owe 000 @ 11.25% on our home equity line of credit ! we pay 0 per month.Should we pay this down by 1/2 or should we pay off our truck @ 8.9% bal of ,750? we have no credit card debt as we just payed them off. Recently retired and sadly have no retirement saved up.

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My 48 y/o sister has asked me a question and I don’t want to give her bad advice. Here’s her question and her stated financial info:

Should they pay off balance on their 8.25% (prime for life) credit card (with a long and excellent credit history) and put that balance towards their home equity loan? Both have high FICOs.

They currently have a 1st mortgage of 0K fixed at 4.25% until 5/09. They also have a fixed (locked in) rate of 7.65 on their home equity line at a 10-year term with a current balance of K (K avail). Their home is worth between 0-580K. They only have one credit card they use, but it’s K (prime for life) currently 8.25% and she makes at least double the monthly payments in an attempt to pay down. They would like to eliminate the credit card debt if possible to be able to save more and not feel so stretched each month. Plus one teen now needs a car (more outflow).

Banker will lock addt’l draw and combine both for 7.6%. Yearly income K. Advice?
Forgot to mention that mortgage is 75/month, she pays 0 on equity loan (min 5), and she pays 0-1000/month down on the credit card. If CC was eliminated, the banker told her the new lock on the equity loan would make that monthly payment 3, which she could also pay more down on with no penalty. She’s really nervous about fooling with the equity in the home because of their old(er) age. Should she keep things as is and pay down aggressively or transfer to current home equity or other great idea? Thanks again.

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i’m wondering if my soon to be in laws can take a home equity loan out but put it in my fiance’s (their son’s) name?
their house is paid off and we need about ten thousand dollars, three to pay off his credit card debt and the rest for the wedding.
i’m not going to bother asking
i was looking into a personal loan from his bank but they don’t even offer that anymore, the age we live in right?
any knowledgeable advice would be appreciated.
of course the first answer i get is a Nigerian scammer.

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My husband and I purchased our first home in January 2005. We put no money down other than 00 earnest money, which we got back at closing. We had never owned a home before and really didn’t know what we were doing.

The house was purchased for 9,900. We were told that PMI was bad, and we didn’t have any money to put down, so we did an 80/20. The 80 portion is a 30 year fixed at 6%. The payment is 36.00 a month, and was originally financed through Greenpoint Mortgage but was quickly sold to Countrywide in the first 3 months. I don’t have a problem with this mortgage or the rate.

The HELOC was originally ,000 and an adjustable rate, and is still through Greenpoint Mortgage. It’s ranged from as high as 11.5% to the current 8.25% interest rate. All of the payments each month (the payment that is due) is going towards interest only, so I still owe ,996.11 as of today, after nearly 4 years of payments – and yes, I’ve paid higher than the minimum payment, but it seems to be eaten up by fees every year.

The HELOC is listed on my credit report as a revolving account, so it looks like I have 40k of credit card debt. My current credit scores range for all three bureaus around 720.

I really hate the HELOC, but because my other loan is only 4 years old, I only have about k of equity.

Here’s the question. Knowing the mortgage industry right now and how hard it would be to get a loan, do I try to refinance the HELOC and my original loan into one loan? I’m afraid of losing the 6% interest rate if I do that. Do I just focus on the HELOC and throw every available cent into it to get it paid off as fast as possible? Or should I try to refinance just the HELOC to get a fixed rate – is that even possible?

I need suggestions

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I’m looking to pull out equity in either a HELOC or home equity loan to consolidate credit card debt. Could I also use some of this $$$ to help pay some of my kids debt???

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I am recently divorced and the reason for my divorce was due to my wife obtaining numerous credit cards on line im my name, she then maxed them out and didn’t make payments on them. When I found out the cards existed the interest rates had went out of sight and late fees had became enormous. Due to the divorce and the credit card debt I turned the credit cards and one personal loan over to Consumer Credit Counseling Service. This is still a strain on my budget. I bring home 3,700 dollars a month and my total debt that I turned over to the credit counselors is now 18,700 dollars. After I pay my rent, child support (which is the mortgage on the house my x wife lives in), car payment, a home equity line payment, and other monthly bills I only have approximately 360 dollars left for groceries and gas, and other emergency expenses. Would I be a good candidate for bankruptcy, or does anyone know a better option?

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