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If you are like most homeowners you have considered using a home equity line of credit to get out of debt with high interest rate credit cards. There are at rate credit cards. There are at least two schools of thought to consider if you want to get a home equity loan for such a thing.
One thing is that using your home as collateral to get out of debt is risky. Why? If you fail to make the home equity payments you can lose your home. Still yet, the days of your home equity high are gone. Remember, equity is the difference between how much you owe on the mortgage and how much the home is worth. For example, let’s say your home is worth $57,000. In today’s market, it may be worth $65,000. The difference, equity, is $8,000. If you decide to take out this loan remember you now are adding another bill to your already overloaded expenses, so make sure you can handle this before doing it so you will not be facing foreclosure, as a result.
Another option would be to cut up the high interest rate credit card and pay more than the minimum until you get the card paid off. Do not close the account when you are paying it down because that can affect your credit negatively.
Originally posted 2010-01-11 05:00:53. Republished by Blog Post Promoter
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I have a 1st mortgage of 255k, and a 2nd of 75k. If we sold our home today, we might break even. We have never had a 30 day late on our 1st or 2nd mtg. We did, however, experience some financial hardship due to the loss of my job and it took 18 months for me to find full time work again. This drove up our credit card debt and hurt our credit. We are currently not delinquent on anything, but have had a few 30 day lates on credit cards, and have 1 collection acct for $125, which we are fighting. Our HE has matured, and now the bank won’t refi due to past delinquent credit cards. What will happen now? Will they foreclose?
Maria and Patrick
I recommend that you do a loan modification; however, it is important to note that the loan modification will affect your credit rate. The loan modification will allow you to get a better rate on your mortgage and lower your payment on your home. The lower rate will allow you to afford your payments on other things to include your credit cards. You may also consider calling the credit card companies and requesting a lower interest rate as well. If you need some help or have any additional questions on the loan modification contact Serena at Serena@taylorbrownrealestatetalks.com