High Home Equity - Poor Credit - 510 Credit Score ?
High Home Equity - Poor Credit - 510 Credit Score
I could have close too 100K in equity in my home in Virginia Beach. I
have poor credit due to my wife having MS and losing a good job. And
my business not doing well.
We have around 20K in credit card debt. Up to date on mortgage
payments. No car payments or other major bills.
All that I want to do is to wipe out the credit card debt. What
should I do?
Can or should I negotiate with the original creditors to lower the
amount that I owe them?
As you already know, I suggested that you try posting here after reading
your other messages in alt.bankruptcy newsgroup.
The reason that I made that suggestion was in case someone here might be
able to suggest what kind of financing you might be able to obtain, and at
what rates, in order to pay off your credit cards and any judgments you have
against you. I was thinking that since the balance on your first mortgage
is not that high, and you have a lot of equity in your home, you might be
able to get a new no-income-qualification first mortgage to resolve all of
your debts at once.
If anyone else responds to your post, they will probably need some other
information such as the interest rate on your present first mortgage, how
many years are left on it, the balance, and the value of your home.
Hopefully, someone here will be able to give you some ideas on what you can
and cannot do in terms of financing.