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drillboy1 · Joined: 20 Aug 2008 Posts: 22 11.81 Dollars($)

will being in a debt consolidation hurt my chances for a mortgate?...I am currently enrolled in a debt consolidation co which has been working I have made 6 consequetive payments. I want to sell my house soon cause frankly I am paying an high mortgage due to bad credit in the past..Will it hurt my chances of getting another mortgage.

Also do I hurt my credit if I decide to try again and pay my debt myself there is a $45 fee each month.

gmakerley · Posted: Tue Jan 20, 2009 1:34 pm Post subject:

generally, drillboy, you will have to be out of the debt consolidation plan before a new lender would grant a mortgage to you. as for whether it would hurt your chances of obtaining a new loan, it really ought to be helpful to you. after all, you've taken steps to eliminate debt, which is most favorable.

as for doing this on your own, it's a great idea if you will do that and use the extra $45 toward a better purpose. of course, seeing you pay $540 a year to some outfit so that they will mail your bills out makes no sense to me. you could go to consumer credit counseling and not have to pay, as that organization is paid for its work by the creditors themselves. at least, that's how it always was.

drillboy1 · Joined: 20 Aug 2008 Posts: 22 11.81 Dollars($)

Can you recommend a consumer credit counseling company? There are so many out there. Don't they charge a fee also? Wouldn't it look bad if I drop out of this company??

Appreciate your help..

smithsussane · Posted: Tue Jan 20, 2009 8:08 pm Post subject:

Hi drillboy!

Welcome to forums!

As far as I know, a debt consolidation normally has a positive effect on your credit report. For a debt consolidation, there are third party fees which includes monthly fees and set up fees.

As far as consumer credit counseling companies are concerned, I would suggest you do some shopping before going for a particular company. You can check out their success stories and testimonial section and get an idea whether their customers were satisfied with their service or not. This will help you in choosing the best.

Feel free to ask if you have further queries.

Sussane

gmakerley · Posted: Wed Jan 21, 2009 7:47 am Post subject:

consumer credit counseling service is a subsidiary of moneymanagement.org. check out the website for more information - this is the premier service; been established for 50 years, and i've worked in tandem with them over the years myself.

if there is a fee for their services (there wasn't in the past), i am quite certain you'd find it to be a better deal than any of the others out there. truly, i say with confidence that i've seen what they can do and that i've seen many people helped through their service.

if i ever felt the need to enter a program such as this, they would be the first place i would call.

msnover92571 · Posted: Sat Feb 28, 2009 6:53 pm Post subject:

It would be better if you settle ur debts and pay them off before looking for a mortgage.

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