Refinance Mortgage

We have only had our mortgage since April 2007 (238k @ 6.75) . We have 11k in credit cards mostly around 22% interest, plus an old loan for 12k (26% interest), we have no equity in our home since the market sux for us right now. Should we just do the rob Peter to pay Paul game til we get the cards paid off with balance transfers & what not to 0% cards? Should we refi & get cash out but pay 5k in closing costs & have 6.25% on first & 13.3% on second? Help..we’ve falling & we can’t get up!

Budget, budget, budget. Until you come up with a written budget, you will continually find yourself in this situation. If you consolidate the debt but don’t change your habits, you will end up with a big debt consolidation and just as much credit card debt. Refinancing is a bad idea because considering the mess you find yourself in, your interest rate could go up and you are going to add fees because of your refi. Since you have no equity in your home, you won’t be able to get a HELOC or home equity loan.

Get yourself on a written budget, roll the high interest rate credit cards into lower interest rate cards, and get those debts paid off. Don’t borrow any more money or you will just be spinning your wheels.

If you have $1000-1500 in an emergency fund that you only use for emergencies, this whole process will go much quicker. The problem with people trying to pay off debt is that they often times forget to set aside an emergency fund. When an emergency pops up, they have to borrow more money which bogs down the whole process.

We have a mortgage for 146,000. Value according to mortage holders is around 205,000. We have a fixed 6.65% rate and have 26 yrs left on mortgage. Current holder could roll all of our debt into home loan and reduce our rate by .25%. Bringing our payment with escrow, insurance, taxes, etc.. from 1460.00 to 1750. Our debt includes 14,000 in student loans, 14000 in credit cards, 15,000 in vechiles as well as 10,000 on HELOC. The question is this almost taps out the entire equity in our home and we would also have a thirty year loan again. Would this be a wise move? Thanks. BTW both of our middle credit scores are mid 720. We make about 110,000 a year.

It’s always a bad idea to roll credit card and car loans into your mortgage. I don’t think student loans is so wise either. What happens if you have a job change or get sick? Now you lose your house.

Of course, the biggest problem with rolling all this into your mortgage is that you’ll be paying every so much more interest over those 30 years for these debts. And of course, so many people charge those cards back up and buy new cars in a couple years.

l am in the Army and l have too many apen accounts, credit cards, car loans, home loans, personal loans and all kind of loans, l was calling diferent places and they say that they dont deal with secured loans, only with unsecured ones…
is there any place that l can go to? l dont want to file bankrupcy and l want a consolidate all of the loans but is it posible? my mortgage payment itself is $2,100 and l dont make that much money l had all this loans before l joined the Army.
military has financial agencies that assist soldiers dealing with this kind of situations but l went there and they told uufff , sorry, thats too much , we cant help u . lol
any sugerencies?

If you have found yourself overwhelmed by debt from your credit cards, you may be wondering how to eliminate credit card debt in your life. Believe it or not, you have a lot of company when it comes to worrying about how you are going to eliminate credit card debt. Many Americans are over their heads in debt. It is important that you take steps to get your debt under control before you end up in serious financial trouble.

Find a Way to Get Better Rates

One way that can help you get rid of the credit card debt that you are in is to find a way that you can get better rates on your credit cards. You can do this by trying to find a credit card that has lower rates than your current cards, and then make transfers over to the card with the lower interest rate.

Another way you may be able to get better rates is to try to negotiate with the company or have a credit counselor negotiate with the company to get you better rates on your card. While you may not realize it, having a lower rate can actually save you hundreds of dollars and can help you get out of credit card debt much faster.

Eliminate Debts One By One

If you are wondering how to eliminate credit card debt, another way that can be a great help is to start working methodically to eliminate your debts one by one. You can choose either to pay extra on your card with the lowest amount of debt or you may want to pay more on the card with the highest interest rate, but whichever way you choose will be a great way to help you get out of debt much faster. Read more about it at: http://www.credit-card-gallery.com/article/195,4_Tips_on_How_to_Eliminate_Credit_Card_Debt

My husband and I both have good credit, on the border line of being excellent and we don’t want to do anything that will hurt our credit score.
Together we have 6 credit cards with approximately $7000 in debt a mortgage payment and two car payments. I have transferred the balance of one of the cards several times ($4000) and do not want to do it again, the interest and accrued finance charges will hit in January and there is no way I will be able to pay it off by then, so I need to find a way to consolidate or something before then. One of my biggest problem is that I’m a SHOPPER and I can’t resist a bargin, I put all my extra money towards payments and then have no money to spend so I use a credit card. What kind of solutions can you offer (other than quit shopping, that one I’m well aware of and I have removed all credit cards from my purse), do local banks offer consolidation loans with low interest? Please Help!!
I don’t think a Home Equity loan will work for us because I think they require a home appraisal seeing as we have alot of unfinished projects–thank you Home Depot card. We have everything we need, just lack the time to finish it all.
I don’t think a Home Equity loan will work for us seeing as we have alot of unfinished projects (thank you Home Depot Card–lol) and I think they require a home appraisal. We have everything we need, just lack the time to finish it all.

Take every one of your credit cards and put them in a ziplock bag of water and freeze them. That way you own’t be able to use them. You have to stop shopping. A bargain isn’t a bargain when you’re burrying yourself in debt.

For two weeks, you and your husband should write down everything you spend money on. You will be amazed at how much money you are wasting.

In addition to snowballing your credit card debt, come up with some ways to make extra cash. Have a garage sale. I bet you go tons of "bargains" around the house with the tags still on ‘em.

We had a house for sale and was in escrow when my husband got a really good job offer. We took the risk and moved, the house fell out of escrow and we were stuck with a mortgage and a rent payment. We tried paying both for 1 year and during that time had to use credit cards to get by. Now that we forclosed and our credit is bad. We would like to buy again in a year or two but have this debt. Would it be better to pay on the credit and have a higher debt to income ratio or go through debt consoladation and have late payments on those credit cards but they would be paid off faster???? Can our credit get any worse??

If you really need some help, I will suggest you a site. Where you can get your Consultation free of Charge! No credit check required to get started with your free debt consultation.

http://www.wahor.net/debt

We had a house for sale and was in escrow when my husband got a really good job offer. We took the risk and moved, the house fell out of escrow and we were stuck with a mortgage and a rent payment. We tried paying both for 1 year and during that time had to use credit cards to get by. Now that we forclosed and our credit is bad. We would like to buy again in a year or two but have this debt. Would it be better to pay on the credit and have a higher debt to income ratio or go through debt consoladation and have late payments on those credit cards but they would be paid off faster???? Can our credit get any worse??

If you really need some help, I will suggest you a site. Where you can get your Consultation free of Charge! No credit check required to get started with your free debt consultation.

http://www.wahor.net/debt

I’m a 23 year old single female at a loss…Here is a rundown of my debt. A $96,000 FHA loan that got foreclosed on, $15,000 second mortgage, i’m guessing about 25k in credit card debt and another 30k at least in hospital bills. And here’s a kicker. One of the credit card companies is suing me.

The house is already foreclosed on and i don’t have a car so i don’t need to do the one where they save your house and car.

I’ve heard that a bankruptcy on you credit follows you for the rest of your life, but a foreclosure will fall off in a certain number of years. I want to eventually be able to buy a house again and have credit!

I would suggest you to go with debt consolidation..yeah you have heard right that a bankruptcy on you credit follows you for the rest of your life then its better to try with debt consolidation.
Here i would like to link a source which would help you out in every possible situation.. http://www.ezconsolidation.com. i have heard a lot of good things about it..
Try it on.. good luck..

Please advise me on my best options. I am a single mom struggling to the point that I cannot even take my kids to McDonalds. I am recently divorced and since divorcing have incurred the following debt, (I receive child support but even so):
Discover Credit card 1: $2,334.59 (pay off $47 a month)
Chase Credit card 2: $4,008.00 (pay off $80 a month)
Sovereign Bank loan 3: $8,560 (pay off $179.52 a month)
Credit Union car loan $6964.00 (pay $125.46 a month)

I own my own home and pay a mortage of $1443 a month.
The balance on the mortgage is $161,145.00.

What are my options here? I was wondering if I should sell the house and buy a multi-family or should I refinance? I am not particularly happy with the home I have and moving to a condo is a possibility. I would welcome any advice that would help me cut down on monthly payment. Is there a way I can spread the payments over a longer period, etc.

Advice from knowledgable people welcome.

Credit is good, maybe excellent.
1 second ago – 3 days left to answer

What is the APR on these cards? If they’re pretty high, you can go through a debt consolidator and they can help lower the APR’s. Credit card companies tend to like to deal with consolidators more than the public. They feel confident in lowering them because they feel that there is a better chance in you paying them off. I am almost finished off my last card. I have about seven months to go before I am out of credit card debt.

I have been looking at debt consolidation companies that claim to get you out of debt quickly. How does this process work, and is it a scam?

Need more details. If you own a house and the pitch is that you will not have a mortgage payment with the debt consolidation, my guess is that you have to sign over your house to them. You fall behind on the new "consolidated" payment and say goodbye to your house! There is a "scam" going around about that. Stay clear of it.

About six months ago I signed up for a debt consolitdation. I recently started shopping for houses and they say it RUINED my credit. What do I do and how can I still buy a house. I am not married but will be soon and have the highest income so it is hard not to be on the mortgage. Does anyone have expierence with this or has been through this? HELP>

No, having debt ruined your credit. The debt consolidation made it worse, but the cause was still your having borrowed money that you didn’t repay.

Now you want to buy a house and borrow even more money. Of course no one wants to loan to you.

Spend a few years making a dent in the debt *and* saving up a down payment. THEN look at buying a house.