Posted on: 11th Nov, 2008 04:21 pm
We have a lot of medical bills in collection. Lot of inquirys on the credit report. Our home was appraised at 175,000 we owe 129,000 and would like to get 30,000 cash out. We would also like lower payments, job situation has changed a little with the economy. The cash out would be to pay off the bad debt, give us a little reserve, and do a few home improvements. All bills have been paid in over a year.
Hi ThomaButler!
Keeping in mind the current market situation, it will be tough for you to get a loan. I think you should try for either debt consolidation or debt settlement in order to recover from this situation. I know a community called "www.debtconsolidationcare.com" which offers debt consolidation. You can have a word with their financial coach.
You have mentioned that there has been a lot of inquiries on credit. Can you tell me what types of inquiries are there? Moreover as there are medical bills in collection, then I think you will not be able to even apply for FHA loans. It will be better if you can pay some of the bills and try to repair your credit. You should have at-least 580 credit score to get a FHA loan.
You can check the information available here on credit repair.
Feel free to ask if you have further queries.
Sussane
Keeping in mind the current market situation, it will be tough for you to get a loan. I think you should try for either debt consolidation or debt settlement in order to recover from this situation. I know a community called "www.debtconsolidationcare.com" which offers debt consolidation. You can have a word with their financial coach.
You have mentioned that there has been a lot of inquiries on credit. Can you tell me what types of inquiries are there? Moreover as there are medical bills in collection, then I think you will not be able to even apply for FHA loans. It will be better if you can pay some of the bills and try to repair your credit. You should have at-least 580 credit score to get a FHA loan.
You can check the information available here on credit repair.
Feel free to ask if you have further queries.
Sussane
an excellent source of information and assistance is moneymanagement.org, which is the parent of consumer credit counseling. not only will they educate you in the use of credit, they can also set up a repayment plan to take care of your creditors, saving you substantial sums of money in interest costs. they are recognized throughout the nation as the pre-eminent service for those in deep debt seeking aid.
