Credit isn't the best in the world there is about 200,000 equity on my house my mortgage is for 100,000 . House payments are up to date and owe 2,000 in credit card and doctor bills. My salary just barely pays mortgage and utilities.No loan companys please.
2006-12-30 05:29:24 · 12 answers · asked by eagle 1 in Business & Finance ➔ Personal Finance
The way you phrased your question sounds like an oxymoron. But to answer your question the best that I can, call the mortgage lender and ask them if they will increase the amount of the mortgage by say $3,000. Chances are that they will be delighted to do so unless it is a very low interest rate on the loan. If they will not do so, they most likely will make another accomodation for you at a somewhat higher interest rate.
2006-12-30 05:40:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Two grand isn't much at all. There must be SOME way you can raise that. What about a second job for a little while? If you make an extra hundred a week you can pay it off in a few months.
Got anything you can sell? What about a yardsale? Can you borrow it from a friend and pay them back? If the money is owed to a friend you'd have a tendancy to pay it back quicker and there would be no interest. Sounds like you're in a better position than most. Why not just make the payments on what you owe and eventually wipe it out? You should be able to handle this, I think you will.
2006-12-30 06:03:45 · answer #2 · answered by Big R 6 · 0⤊ 0⤋
Yes you can borrow your way out of debt with a home equity loan. That is good that there is that much equity in your house. If you could get a loan to pay off your debt and your mortgage, then you would have only one bill. What you want to do is get a low interest rate that is fixed. Try www.homeloanbank.com
Hope I could help
2006-12-30 07:36:12 · answer #3 · answered by CJ 2 · 0⤊ 0⤋
You're in over your head already if you barely make the mortgage payment. How could taking on MORE debt possibly solve your problem?? With that equity, $2,000 in unsecured debt is a pee-hole in the snow, my friend!
If I were in your situation, I'd be trading down the house not taking on more debt. Depending on where you are, you could arguably sell out and replace it for cash with your equity and have NO debt what so ever. You'll probably have to settle for a little less house and maybe commute a few more miles but owning your home free and clear should be an ENORMOUS incentive in your situation.
2006-12-30 06:08:09 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You're situation doesn't sound bad to me. Be easiest to get a part time job and make a couple extra bucks every month. Instead of getting a home equity loan wherein they loan you the money and you immediate start paying interest on it, why not do a home equity line of credit. This way you have access to the money for emergencies, purchases etc, but you don't pay any interest until you use it, and only then on the amount you use. This will save you a load of money in interest and it's a nice safety net to have in place for free.
2006-12-31 05:15:27 · answer #5 · answered by questionable reality 3 · 0⤊ 0⤋
You might pay a lower interest rate on the $2,000 if you do a home equity loan but make sure you consider the cost of the loan too.
2006-12-30 07:57:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If your boss gave you the choice of being fired or taking a 15% paycut, you'd probably take the paycut and find a way to manage...
Give YOURSELF a 15% paycut, send it straight to your debt, cut up the cards.
While getting an equity line might SEEM like a good idea, you will probably just end up with a much bigger debt that you are struggling with. You said yourself your credit is not that good, which means you have a history of "less than ideal" financial behaviour.
$2000 is still small enough to wrestle with and win, if you got an equity line you'd soon be in way over your head, is my guess!
Best wishes...
2006-12-30 06:03:12 · answer #7 · answered by Anonymous · 1⤊ 0⤋
basically positioned, "do not Refinance". extremely seek for a nil% APR mastercard, with the quantity of time you want, to prepay the indoors maximum loan, whilst last on the 0%. homestead refinancing can basically be achieved three times, you basically do not comprehend what the destiny will carry, so so you might not try this if in any respect attainable. With the mastercard 0% own loan, you will repay the indoors maximum loan. With the Refinancing, you pays 30 or extra years, for a similar quantity of money, you would be wanting an more suitable homestead fee for 30 years, and you'd be paying a heck-of-a- lot-of interest. enable your place fee stay the place it somewhat is, till the interest value is going down via, perhaps 2% from what you're actually paying, then evaluate the refinancing. remember it additionally value funds, which would be extra on your place fee, to do a refinance. sturdy luck. --------------------------------------..... i've got desperate to edit my answer, as a results of "Justin's Abrasive feedback". in the previous I answer a question i check out the asker's website. This shows me if this may well be a severe question or a comedian tale question. based on your final 2 questions, I took you to be a young person, somewhat basically beginning out in homestead possession. I added desperate you probably financed your place for probably 30 years. Having different funds owed which you extremely want to guard, advised me that your capital became all spoken for, and in case you probably did, do a Refinance, it may not be achieved for below 30 years, as a results of fact the hot homestead fee could be too extreme. If i'm incorrect, than i'm sorry, I continuously attempt to offer, nicely concept-out solutions. My answer for the 0% Card own loan extremely of Refinancing, became to shop you the Refinancing funds, and interest for as-long-because it may take you to pay lower back the homestead progression own loan. sturdy luck How Ever, you return to a determination to bypass.
2016-10-19 05:37:57 · answer #8 · answered by ? 4 · 0⤊ 0⤋
No such thing !!! You will not be borrowing to get out of debt... You will borrow to simply transfer debt.
If it will make you feel at ease more by transferring this debt then go for it. Otherwise cut back on things and pay that $2000 off... that is NOT alot and YOU could have that paid off quite quickly if you kick it in gear and tighten the belt!!
2006-12-30 05:45:29 · answer #9 · answered by Kitty 6 · 0⤊ 0⤋
home equity loans sometimes can create bigger problems. I would only do it if it became necessary but you will have to be able to afford to make the payments or goodbye house.Right now you do not seem to need it
2006-12-30 05:35:50 · answer #10 · answered by nj2pa2nc 7 · 0⤊ 0⤋