About Debt Consolidation Refinancing, Home Equity Loan, Personal Loan, Credit Cards, Loan Calculator, Loans for Bad Credit, Loans Unsecured, and Bankruptcy
My credit score is so low that I cannot find anyone who will help with getting a refinance on my house to help pay off. I barely break even every month and don’t have extra to pay off on my own. Most months I am in the negative not paying one bill that month to pay another and so on. Is bankruptcy the only option? I have $0.00 in credit card so the consolidation people won’t help either.
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I will not go into reasons (my husband’s bad money managing), but we are in a lot of debt….50,000. My husband makes a decent living. I stay home with 2 kids. One is 3, and the other is 14 months. Neither of us wants to put the kids in day care. Should we refinance our house? Is there a better way? Any links to a good book or anything else would be great. We have good credit, and do not want to contact a debt consolidation company. I am desperate. I wasn’t aware of the debt we were accruing. I need it gone for my peace of mind. I have never had more than a couple thousand dollars of debt because I can manage money…and will be managing our money from now on.
DISCLAIMER:
While I appreciate your “advice”, please only answer this question if you have DIRECT expertise with these questions. I’m looking for answers that are pretty solid. If you would start your answer off with “I think…” then please do not submit an answer to this question. I also am not looking for advertisements for debt consolidation or counseling. I’ve already done that and it was NOT an option. I’m filing for bankruptcy protection, but don’t want to file for Chapter 13.
I know that Student Loans cannot be discharged through bankruptcy. That is not my question.
I need to find out where I can a debt consolidation loan, even though I have bad credit due to some unforseen circumstances in life. Has anyone gone through this and who do you recommend? What about filing for bankruptcy – how long does that take before the debts are discharged?
We have over 50.000$ 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 had 3 major surgeries last fall. I had insurance that covered 80%, but the 20% is still more than I can handle. I don’t want to file bankruptcy. I heard that the debt consolidation companies charge too. I dont need more debt! Should I wait for all the agencies to send my bills for “collection”? Some have already and the interest that they charge monthly is outrageous…Help… What should I do?????
Don’t bash me for my methods, but just give your thoughts in the current situation. Ex and I had a super easy divorce where I said, “I’ll move out, you keep paying the mortgage on the house and we’ll decide later if you refinance or sell it.” Well, we have a 2nd mortgage line of credit for all our debt consolidation and home improvements. I have been paying half this 2nd mortgage cuz it was debt we both gathered. But if I gave her the whole house and it’s 1st mortgage payment, shouldn’t she also be paying the 2nd mortgage? The 2nd mortgage came from equity which I earned half of. Now I’m giving up that equity so isn’t that her resposibility now?
For example on a refi. 1st mortgage we owe 200k. House worth 280k. 2nd mortgage balance 80k. She refi’s the 1st mortgage, I get 40k in equity. She refi’s 2nd mortgage and even if we split the 80k, I just give her back the 40k I earned from equity so I’m even. Is my logic correct here? I should be 100% free of any of the mortgages?
That’s exactly what I was asking about. If she refinances, logic is that it’ll be for the whole amount (1st and 2nd mortgages) and I’d not fit in anywhere. Some think I’m still responsible for 1/2 the HELOC because I helped create that debt it was put towards. But it’s from equity in the home so if I give up my equity portion, I also give up my 1/2 of the HELOC resposibility, right?
