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Mortgage Community Forums | Looking for Mortgage again | Bankruptcy and mortgage

Bankruptcy and mortgage

Posted on: 11th Nov, 2010 09:37 am
Hi I am in deep credit card debit. I have about 25000 debt. Considering filing for bankruptcy at thi time. However I was told that if I have room much equity, bankruptcy is not an option. The house is worth 244000. My remaining mortgage is 164,000. I also have an eqitu
Credit for 42,000. Need some info. PleaseR
hi rosa,

as you have equity in your property, you can try and refinance your mortgage and take a cash out. once you receive the cash out loan, you can use it to pay off your credit card debts.
adonis
Posted on: 11th Nov, 2010 11:42 pm
Please do not cash out equity to pay off credit card debt. Put that money back in your home. I paid off CC debt and with the home equity my homes Value went to 195,000 from 135,000. With the current economy I dont know if my home will ever be worth 195,000 again. Eternally upside down.
Anonymous
Posted on: 06th Dec, 2010 12:22 pm
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