Easy Home Equity Loan

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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Does Wells Fargo in Canada offer home equity loans based soley on the equity in your home? If not, who does at reasonable interest rates?

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I owe about 20k in credit card debt,
8k of that is at 2.9% or 3.9% til paid off!
The rest is at 0% til April ’08.
By then I’ll get more offers for new cards, with bal. transfers free, and often 18 months at 0%
I could keep moving the balances and not worry, since I’ve done this for years and it doesn’t seem to have affected credit score enough to matter.
I know there are tax advantages for home equity loans, and I
could easily get one, but is it worth paying 7+%?
Is there a math calculation to figure this out?
Another factor: I’ll probably sell the house within 10 years and pay everything off.
A complete cash out refi. doesn’t look good because my mortgage is at 5.38% and would surely go up to at least 6%

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Business Math software?
Hello,
Is there a good software out there to help figure out stuff like:
interest rates on mortgages, credit on home equity loans, estimates, inventory turnover, excis and property tax and income taxes, stocks, bonds…etc.

Webmath.com only has interest calculations..
I need something good I could buy that will do most of the stuff above.

Thanks

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i need to make a choice between the 2 types of available home equity loans…

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Maybe we should now start paying these people’s alimony, credit cards, and car loans too, what do you think?

excerpt…
The number of homeowners who defaulted on their mortgages even after securing cheaper terms through the government’s modification program nearly doubled in March, continuing a trend that could undermine the entire program.

Sixty percent of modifications undertaken by banks in late 2008 were in default a year later, according to the latest Mortgage Metrics Report compiled by the Office of Thrift Supervision and the comptroller of the currency.

Loans for which the payments were decreased by at least 20 percent failed at a slower but still significant rate of about 40 percent.

The government program takes a more aggressive approach, lowering the interest rates for all loans. On many loans, terms are also extended or principal payments put off for years. Treasury data shows that the median savings for borrowers receiving permanent modifications is 2 a month.

Many borrowers remain deeply indebted, however. They owe not only on the house, but on homeowner association fees, home equity loans, car loans, alimony and credit card interest.

http://www.nytimes.com/2010/04/15/business/15mortgages.html

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I wish to purchase my Mother and Father’s home. I am a first time home buyer and due to Credit score around 600 FHA loans are appealing to me.
The home value is est. 5k, we have agreed upon 0k for a purchase price. My parents carry est. 5k mortgage within that a est. 0k is in home equity loans at 2.5%.
Is there a way to transfer the title completely and assume their mortgage which carries a lower interest rate? or do I shop mortgage brokers? or credit unions and banks better?

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ok in new york and i know the prime rate now is 7.75% is this the rate you use when refinancing or is this for home equity loans, someone told me refinancing was the libor index, i’m confuse lol , i’m thinking of refinancing, havn’t started shoping around as yet, just wondering what the current index rate for refinancing was, and i don’t mean adjustable rates … long story short i know i’m confusing lol can someone check out this website and tell me which index rate is use to refinance http://www.moneycafe.com/library/prime.htm

any help would be grealty appreciated as i now learning

thanks
Lin

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