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Who can help with low income high debt but have good bit of equity in home?

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bala19 Joined: 10 Jan 2009 Posts: 1 1.31 Dollars($)	Posted: Sat Jan 10, 2009 1:16 pm    Post subject: Who can help with low income high debt but have good bit of Like 0 Dislike 0 Here is our situation. We have 2 mortgages on our home. We have a good bit of equity in the home but we have not been able to get a loan because of the following reasons: my husband is self-employed so income tax returns do not help at all and we have too much revolving debt so the DTI is not good. If we could just find some one to consolidate our mortgages with our revolving debt, our payments would be cut in half. Any suggestions?
Caron Moderator Joined: 19 Jul 2005 Posts: 1519 Location: florida 281.04 Dollars($)	Posted: Mon Jan 12, 2009 4:10 am    Post subject: Like 0 Dislike 0 Hi bala, What's your debt to income ratio? if it's above 36% of your income, you won't get a loan right now. You cannot consolidate mortgages with a personal loan or a program. you'll need another mortgage combining the balances on both the loans. But due to high debt amount, lenders may not prefer to offer you a debt consolidation mortgage. It's more or less like a home equity loan. Why don't you simply go for a debt consolidation program on your revolving debt? I know of a debt community - debtconsolidationcare.com which helps people with consolidation of credit cards and other debts. You may speak to their financial coach and find out if it's the right option for you. Good luck _________________ Mortgage Shopping made easy with booklet

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