Bad Credit Consolidation Loan

Archive for the ‘Personal Finance’ Category

Pritch asked:


My realtor is trying to short sale this property, but a bankruptcy attorney recently suggested allowing it to foreclose and for me to file bankruptcy to avoid any debts & taxes. Is bankruptcy the only option for not ending up with a mountain of debts. I’m presently unemployed.

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Gwendolyn asked:


…to expect?
How can you evaluate differnt lenders in this space? I am trying to help someone avoid bankruptcy, but need to find out if this is a viable option. Currently he is paying 26.49 % interest!!!

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I?agoodhug asked:


I had been planning to sell my house to avoid declaring bankruptcy.
Im facing a tax lien sale for my house (long story but my beloved older boyfriend broke my heart. he had asked me to stay and not move away and i took my house off the market in February , ironically his house just sold and i found out he had been cheating and lying and then i was laid off from my job last month)

I was planning to sell my house quickly to avoid tax lien sale.
But I’ve just found out two ways I could get more equity in my house if I have more time via bankruptcy (bankruptcy would put a hold on the tax lien sale in my state of PA)
i FOUND OUT I CAN DECLARE A ‘HOMESTEAD’ rebate for 2009 and that would save me 5k on my current taxes.
Also my mortgage company is offering to reduce my mortgage balance by 3%.
thats around 9k.
So if I declare bankruptcy now, I can gain 14k in equity.
If I sell my house quickly at a lower price that lowers the amount I walk away with even further….
So it is smart to declare chapter 13 ?

thanks!

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DewaynesAngel asked:


I consulted an attorney re: filing a chap 7 and was told it may not be a good idea based on the value of my home. They used the website Zillow.com to get the estimated value of my property. My property was given a range of $303k to $390k, with a estimate of $349k. This value would put me over the CA equity exemption amount of $75k. Is this a reliable valuation? I am hoping to avoid the trustee questioning the value and forcing me to sell my home to pay off debts. Any suggestions on where to get a value that can be used? County tax assessed value? The assessed value is considerably lower than the value found on Zillow. Appraiser? I don’t have the cash to dish out for an appraisal but would rather be safe than sorry. Also, another attorney said that the value of my home shouldn’t have changed much since I purchased a year ago and that we could use the purchase price. I get the feeling he’s misleading me. Any help would be greatly appreciated. Thanks.

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Casey b asked:


must file chapter 7, want to avoid the fee for lawyer. any suggestions

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rocketgirl1 asked:


I’m avoiding bankruptcy since I’ve worked so hard to maintain a good credit score. The issue is that the house is in another state and I can’t deal with it first hand. I have someone else looking after it but it’s not the same. Before hiring a lawyer, I just want to be sure of other alternatives. Thanks for your answers, any suggestions will be appreciated.

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boxbeatle asked:


Is there a difference between a Consumer Credit Counseling DMP or a debt reduction program where there has been settlement of debts to pay off quicker as for as a lender is concerned? We are avoiding bankruptcy if we can. We can pay off our debt in half the time at nearly half the price with the Debt Reduction company. I have a commerical building mortgage that will be up for interest change in 3 more years. The debt reduction would have us out of debt just prior to that. The DMP with Consumer Credit will take at least 4 1/2 more years. We can’t decide what to do. What would a mortgage lender advise?

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butkus asked:


How would I determine how much I could receive from social security if I start drawing my hospital pension when I turn 62 in February. I don’t want to start drawing this soon but I’m trying to save my house and avoid bankruptcy. A friend told me the amount I receive will be drastically reduced epecially if I stay FT employed. There’s probably not a simple answer but I thought I’d throught it out there for thoughts.

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josh m asked:


Due mainly to a mold infestation, I’m strongly considering letting my house go to foreclosure. I have several other reasons for this, but my question is, how likely is it that the mortgage lender will file an involuntary bankruptcy petition against me in order to collect the outstanding debt? I currently owe 57K on the loan, but if the house went to auction today, I don’t see it bringing more than 25-30K (it’s currently under renovation) In effect, I would have no future plans whatsoever of paying the outstanding balance. Rather, my aim (and the very reason I’m considering this option) is to maintain my current cash reserves, and buy a home with cash in about a year. That said, you can understand why I’m looking to avoid a bankruptcy hearing altogether, in order to keep my current cash reserves. I sincerely appreciate any and all knowledgeable answers!

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reni768 asked:


We bought our house in October and made the 1st payment in November 2007. Our interest rate is 6.25% through Wells Fargo. Our house appraised out at 180,000 and we financed 161,000. We had thought about refinancing to try and get rid of PMI since we have a good bit of equity in the house. I had also wanted to try and go through a local hometown bank so that I could deal with someone face to face when needed. Im just not sure if it would be a good time to refinance with the rates now or what. I also had thought about refinancing to pay off a few credit cards.

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