5,000 on a repo.....is it smart to refinance your house? even though your payments would be about 200.oo more a month, but you would be getting back enough money to pay back that debt. and money left over......we have no other means to pay this big amount of money in 20 days....what do you think , would be wise decision to make?
2006-10-09 06:46:46 · 11 answers · asked by aepmommy 1 in Business & Finance ➔ Personal Finance
I suppose this is a dumb question, but if you couldn't pay before, what makes you think you will be able to pay even more in the future? You really need to sit down with a credit counselor to figure out how to repay your debt & save your home. You probably should not refinance and put more of a monetary strain on yourself.
2006-10-09 07:01:37 · answer #1 · answered by low_on_ram 6 · 0⤊ 0⤋
Sister girl.
Please recognize that the chickens have come home to roost.
If the creditor is taking you to court over the amount of money you still owe AFTER the repossession of a car, then you can rest assured that your credit score is already "jilly-jacked".
Given that your credit score is already "jilly-jacked, you are in a position of power. You don't have to worry about "protecting" your credit score from the negative entries it already has.
Let's get real! You can't afford an extra $200.00 a month and the fact that you car got repossessed after MONTHS of non-payment evidences this. The vert last thing you need to be caught doing is signing ANOTHER PROMISSORY note when you know full well you don't have the means to fulfill the promise.
So, the very last thing you need to do is to PUT YOUR HOUSE in jeopardy over some silly VEHICLE.
Let's be real: Your credit is ALREADY "jilly-jacked"!
Don't even THINK about touching your house to save a depreciating vehicle that the creditors have TAKEN BACK FROM YOU.
What you can do is send a certified letter offering to pay maybe $75.00 - $100.00 a month to avoid court. They can accept or reject it, but if it is a good faith offer it will show your sincerity about resolving your debt WITHOUT SIGNING ANOTHER PROMISSORY NOTE.
At worst, the judge could file against you and try to garnish up to 20% of your disposable income (i said, disposable, not your gross income), but honestly garnishment would be better than potential HOMELESSNESS.
Please believe that this summons is a sign that you need to get your 'ish in order.
And further, STOP looking for quick fixes to the larger problem of NOT PAYING your bills on time.
Either step up the # of jobs you work; step up the level of education; ditch the dead woods in your life ==> people who consume assets but don't provide income; and spend less.
Good luck.
2006-10-09 08:18:02 · answer #2 · answered by DaMan 5 · 1⤊ 0⤋
If you can't set up a payment plan to pay them back. Then I'd say yes. But if you can afford an extra 200 on your house per month. You should be able to start paying back that loan with the 200 you were going to use.
2006-10-09 06:51:30 · answer #3 · answered by Aubrey's mommy 5 · 0⤊ 0⤋
The judge will look at your finances and take it into consideration. They will probably garnish your wages, not make you pay it that day. I would wait until the judgement before making a decision on that.
2006-10-09 06:49:48 · answer #4 · answered by sammie 4 · 0⤊ 0⤋
Yes , Just do not ignore your court date , that will only make it worse . Refinancing is probably your best option . There are several "reputable " companies on the net that can do this for cheap , but you need to look deep and fast . Please do not bite on the first "REAL DEAL" , read the small print!
2006-10-09 06:59:01 · answer #5 · answered by D-Day 3 · 0⤊ 0⤋
You could see if they would accept Payments instead of refinancing your home. As you will find refinancing your home will cost you more since you have this problem if you can refinance they or loan companies may not take you on since you have this problem...
2006-10-09 06:56:11 · answer #6 · answered by Scott 6 · 0⤊ 0⤋
do the math...and figure out if it is really worth it. It might be more worth it to get a personal loan. What is the repo on? Do you absolutely have to pay it?
2006-10-09 06:55:27 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If you are concerned about maintaining your credit rating then go for it. The other good thing is that the interest you will be paying will at least be deductible at that point.
2006-10-09 06:49:21 · answer #8 · answered by Letsee 4 · 0⤊ 0⤋
Tell me. If you haven't made the payment on what?? a car?
What assurance, do you make that you'll be making those payments Plus $200 more??
Why you haven't made those payments?
2006-10-09 06:51:46 · answer #9 · answered by alfonso 5 · 0⤊ 1⤋
If you want to be able to borrow from anyone else in future it would be better to avoid court if you can
2006-10-09 06:49:55 · answer #10 · answered by Anonymous · 0⤊ 0⤋