I am broke (due to making bad judgements) I am in debt due to using credit cards to pay medical bills and to survive.I am a single mom, so my only income is soc.sec.I tried to refinance my home (117000 due 170000 value) but I do not qualify due to poor credit. I can't afford to file bankruptcy and I am disabled.
2006-12-11 06:53:01 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
well for one thing I don't think anyone would give you a bill consolidation loan if your on social security because if you were to default on the loan your social security earnings can not be garnished therefore they would not have any way to get their money back from you. It does not cost that much to file bankruptcy and once you do, all your debts are gone. Doesn't it make sense to pay for a bankruptcy rather than keep paying and paying and paying on credit card bills that take so much interest that you will never get them paid off. In the long run it is much cheaper.
2006-12-14 15:35:37 · answer #1 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
Unfortunately, social security does not pay well. The only recommendation I have is to generate more income through employment. Try finding employment that goes beyond of what is required under the American with Disability Act. Most government (state and federal) and academic jobs go the extra mile to accommodate disabled employees.
I would not recommend tapping into your equity. Housing prices in general have fallen. If the federal rate rises again you can bet the housing market will suffer some more. Here in California, I had seen too many people take exotic loans (i.e. interest only). Many of those people had default on those loans. In addition, those who took equity out their homes when values soared are having problems.
2006-12-11 07:07:50 · answer #2 · answered by jynxx25 2 · 0⤊ 0⤋
The only way to improve a poor credit rating is to pay all bills on time. Avoid taking out new debt or charging any purchases to credit cards until cards are paid off, then always make at least the minimum monthly payment,
2006-12-11 08:32:20 · answer #3 · answered by RedSoxFan 4 · 0⤊ 0⤋
Call a company that can refi with poor credit.
there is a loan for everyone, you just have to agree to terms which may be unfavorable.
My broker is Glenn Silvera hes in Florida and his cell is 561 309 5539 he can get anyone approved and can do loans in most states. he is a lender for america one finance.
Tell him his name came up on Yahoo and you need a bad credit refi, he'll help!
2006-12-11 16:15:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Uuuuuuuh. . .that's not how it works buddy. . . . You can't "cut" off your fingerprints & even if you could remove them, that won't change anything....other than damaging yourself of course. I'd suggest talking to someone (besides a shrink) like a credit adviser to help you out with your situation.
2016-03-13 05:47:48 · answer #5 · answered by Anonymous · 0⤊ 0⤋