Home Loan.

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Re: Home Loan.

Post by Admin »

Hi Derick,
I think for many of the questions you have asked, such as on mortgage payments, credit scores, student loans, and making an extra home loan payment, I think you want to try a credit/housing counselor. They should be able to help answer most of your questions, and many services are free if you qualify. Since not sure of your state/town, use this for free credit counseling. Now some may have nominal fees, but most services should be free ofr income qualified people.
Derick wrote:My house is worth about $510k.. My credit score is 555 right now, due to my excessive credit card and student loan debt.nothing has ever been late, it's just that i have excessive amounts of these debts.i make about $2,500 dollars a month, and i'm wondering if i will be able to get a home loan for about $100k so that i can pay everything off..
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Re: Home Loan.

Post by bluegourami3 »

I would not get a loan against your house for 100k as then your unsecured debt which is credit cards would be tied to your house and can't be written off in a case of bankruptcy. The law states that you have 8 years to file for bankruptcy in the event you need to with this economy. The law also states that the credit card company has 3 years to sue for a judgement. If you are unemployed, the credit card company can not go after you and sue and collect money, as unemployment is protected. Once you had a job, that's when you would file bankruptcy to discharge any credit card debt, but remember this would be on your credit report for 7 years, but if you're not going to move out of your house, I wouldn't worry about what my score is. It drops off after 7 years. Do not turn credit card debt into a secured loan.
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