have a high mortagage and high credit card debt

ckee59 · Joined: 25 Oct 2007 Posts: 1 1.37 Dollars($)

I 'm looking for a way to get out of credit card debt and I have a high mortagage I don't have alot of equit in the house just refinance in 2005 and was looking for a soution. It's me and my husband debt. We don't male alot of money but both job are secure.

livinginnky · Posted: Thu Oct 25, 2007 12:14 pm Post subject:

If you could provide the actual loan amounts and interest rates accordingly. That would help answer your question more accurately. How much do you make per month? Do you know your credit score? Do you have a prepayment penalty?

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Ckee,

I think it will be better for you to go for either debt consolidation or debt settlement. This will surely help you.

You can also check it out with your lender if you can go for a cash-out refinance.

Guest 0.10 Dollars($)

my mortagage is 173,000 and my montly payment is
1502.99 montly my interest rate is 8.5 .my montly pay
1730.82 and this is after taxes and car payment has to come out.
come out.yes there is a prepayment penalty. my
credit score is 650 fair. so can I get so help if any one is will
is willing to give advice. I did have a 2nd job but that
no longer.
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livinginnky · Posted: Fri Oct 26, 2007 8:50 am Post subject:

650 credit score is, as you said, fair. It may be possible.

Is $1730 your income?

If so I don't know what to do. You can't refi if you make less than your total payments.

Did you make more when you originally got the loan?

I suspect the only way out is a 2nd job again. If your home is valued high enough and you can get your income up to around $3000 per month you could probably qualify for a lower rate.

Have all your payments (house, car, etc.) been on time?

Samantha · Posted: Sat Oct 27, 2007 4:15 am Post subject: RE: pay off cc debts and mortgage

Yes Eric, I think that's his income per month.

Look Ckee, you will have to consider taking a second job if you wish to do a cash-out refinance. This is due to the fact that the second job will help you earn more monthly and hence qualifying a refinance loan will not be that difficult.

However, if it all refinancing isn't possible, look out for debt consolidation services so that you can at least pay off the cc debts. Though it will affect your credit, yet for the time being, to get out of debts, you may have to choose this option.

Hope this helps...

God bless you.

Samantha.

Jeanette · Posted: Tue Oct 30, 2007 8:54 am Post subject:

Hello everyone,

I agree with everyone on the board debt consolidation is the way to go. Although your rates will increase but with a debt consolidation you should be able to handle your monthly payments better. Or, get a second job to have more income coming in.

Jean Smith
Loan Officer

All times are GMT - 7 Hours

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