Can I refinance my HELOC and add my cc debts to it?

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debbiemom24
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Can I refinance my HELOC and add my cc debts to it?

Postby debbiemom24 » Tue Aug 16, 2011 4:13 am

Right before my husband was laid off 10/10 we were in the proceedings of changing our HomeEguity into a 2nd mortgage and adding in our cc debt. We were refinancing for 200,000 but our house is worth more than double that.
We are making ends meet with his freelancing, my substitute teachers pay and UB sometimes and a loans to our 401K. Hopefully this won't last to much more. We do not have a primary mortgage anymore. Do you think we can do this now and what bank should we approach? I see things on the internet that some companies will but then afraid its just fake. We would be able to pay it since we are paying double the amount for the HE and the cc bills. Where can we go for help?

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Re: Can I refinance my HELOC and add my cc debts to it?

Postby Admin » Mon Aug 29, 2011 9:26 am

A national organization that offers free advice, even for issues such as home equity loans and HELOCS, is Neighborhood Assistance Corp of America. They have local offices in most major cities across the US. Like we mentioned, almost all services and advice is free to income qualified people. Read about the Neighborhood Assistance Corp and the programs they offer. You can also call your local HUD approved/certified mortgage counseling agency. You will not get scammed or fake advice from these groups.

debbiemom24 wrote:Right before my husband was laid off 10/10 we were in the proceedings of changing our HomeEguity into a 2nd mortgage and adding in our cc debt. We were refinancing for 200,000 but our house is worth more than double that.
We are making ends meet with his freelancing, my substitute teachers pay and UB sometimes and a loans to our 401K. Hopefully this won't last to much more. We do not have a primary mortgage anymore. Do you think we can do this now and what bank should we approach? I see things on the internet that some companies will but then afraid its just fake. We would be able to pay it since we are paying double the amount for the HE and the cc bills. Where can we go for help?

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Re: Can I refinance my HELOC and add my cc debts to it?

Postby bluegourami3 » Fri Dec 23, 2011 11:57 am

Never, Never tie cc debt into a secured loan, if things don't sort themselves out for the better with this economy. unsecured debt such as cc debt cannot be discharged in a bankruptcy filing. Never, Never, let the cc companies tell you to consoidate into a secured loan.


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