Thanks, still don't fully get it but I'll ask the title company I guess     basically just want to know that if I die she still has a right to the house and all ... View more

Ok so we paid this online and they indicated they would dismiss the lawsuit, she shoukd receive some thing in writing in a few says.   They also said she shouldn't be liable for any fees listed on the summons.    Is that true? ... View more

@pizzadude wrote: Also will add that if you come to terms with them on payments / settlement that you ensure they will dismiss their court case, as noted above there would be additional fees, etc.. that come with a judgement. Thanks...that was going to be my question...what confirmation should we get regarding the dismissal of the case?   Also at this point I'm assuming liability for the filing fee, but would there be any other fees at this point?   Also I don't know much about judgments, but if we settle with them directly would she avoid one on her report? ... View more

@hdporter wrote: So ... no discussion of whether a HELOC has been contemplated?  And if it's been discounted as an option, why?  It's light years better than a mortgage refi ... I first tried home equity but was told my score was too low (667 mortgage score).  I asked about HELOC but they said with the rates and all it might not make as much sense.  I can ask more though.    regardless it all falls on the appraisal, HELOC or no ... View more

@VAMortgageGuy wrote: @EaglesFan2006 wrote: I'm considering this option to pay off personal loans as the stress of these bills is eating me alive and it's getting harder to keep up with.   I've got CC debt under control, but the PL lines are killing me.   The balances are about 56k, with monthly payments of about 3200 over the next 12-15 months.    I spoke to a LO at my current mortgage company and while they're working on details, he estimated that I could potentially cash out at 60k and my mortgage payment would go up roughly $800.   That stinks but far better than what I have now.  It would pay off those debts with a couple grand extra.   I haven't gotten any interest rate details but it's obviously going to be much higher than my current mortgage rate.  Still, it's better than the situation I'm in now.  many thoughts on if this is a good idea?  From my budget perspective it seems that way.  I'm currently FHA but with this I feel like I could refinance within a year to lower the mortgage payment (depending on rates obviously) or even pay more monthly to pay it off faster.   Are there any downsides?  As these are personal loans and not credit cards, I'm not worried about "re-adding" the debt as I couldn't use them again even if I wanted to.   It seems like a good situation overall, but I also know nothing is ever as good as it seems.    Any insight is appreciated.  Also, is the loan/closing process similar to a first mortgage or closer to a regular refi, which didn't require much?   How long does it usually take? What is your current rate and what rate are you being offered for the refi? Am I reading this right, the PLs will be paid off in the next 12-15 months? If they are going to be paid off in the next 12-15 months, I wouldn't do anything.  You're talking about spending 4-8K in equity to refinance, as well as taking on a higher rate for you largest debt in order to pay off some debts that will be paid off in 12-15 months. IMHO, I would cut out as much of your budget as possible and knock down the PLs as quick as possible.  Let me ask you this. Why did you take the PLs to begin with?    Thanks for the feedback.   I know it's not ideal but I'm concerned about being unable to keep up with those payments.  As it is I've already utilized things like skip pays, etc, and the stress has gotten to be a lot.   It's literally all I think about and it's impacting my health.  I also have no emergency funds and can't save at all with every thing going to bills.  There were a lot of reasons I got into this mess but ultimately I take responsibility.   I've managed to stop using credit cards over the last year so I trust i can move forward and be better.   I know in 15 months 3 out of 4 of those would be gone, the other one is a little longer.   But I'd be eliminating 3200 per month for a mortgage that would go up about 700 per month.   I figured I'd could pay several hundred more on the mortgage per month to rebuild some of that equity.   I can also save and in a couple of years either sell or refinance into something better.   again not ideal but I feel like it might be the best option.   But it's not ideal.  I already started the app and am waiting for an appraisal.   It might be a moot point if that doesn't come through, at which point I lose 445 for it.  I can live with that I guess.    I know giving up equity isn't a great thing, but neither is all the stress.  Not looking for any sympathy or empathy, just being honest and I know it's my own fault, even the stuff that's out of control.   I suppose I think this is better than potentially missing payments on what I have now     other than what you mentioned, is there any long term risk here?  If I can pay more (but my estimates a total of 2 extra mortgage payments per year) wouldn't I be in a better spot a couple of years from now? ... View more

I was told my credit score of 677 was too low.   Believe me I tried.  Nothing is ideal but the burden of personal loan debt has really taken its toll.   If I'm able to get rid of over 50k in debt, I'll be a huge weight off.  And I can throw a large of chunk of those saved payments back into the mortgage.   to he honest though it's irrelevant, can't imagine my house is going to appraise for what they said.   @KR66 wrote: A bit off topic here, but why would you choose to do a re-fi on a property you bought 5 years ago with (I'm guessing) a much lower interest rate? A home equity loan would preserve your current interest rate on your 1st mortgage............   K   ... View more

@atarvuzdar wrote: OP, so sorry for what you are currently dealing with. Some thoughts from my perspective. Debt relief companies help negotiate lower payoff amounts BUT at least some creditors will report these as charge offs which will absolutely crush your credit. I think you were asking about these so I wanted to share the warning.   Just over five years ago my DH (then my DP) and I had a horrible amount of CC debt due to bad spending habits that far outweighed our salaries at the time. Most of our payments were going to interest and we were adding more to the balances each month. We were heading toward potential ruin. We took out a cash out refinance mortgage that literally changed our lives. I by no means want to offer unsolicited financial advice but I wanted to share because we were struggling then, too. Not sure if this solution is right for you. We still get a little irresponsible with finances (our situation, this is not what I think about yours) but we're able to pivot and course correct quickly now. Below I attempted to post the link to our story back in 2017, I hope it works. Wishing you well. https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Data-Points-Mortgage-Refi-amp-CC-Payoffs-Updated-with-AZEO-Info/m-p/5120484#M132745  Thanks for sharing, I'll read your post.  I thought about cash out Refi but I don't know if it will work with how high DTI is.   My spouse has no debt in her name (good) but a low score, one that might make it tough to include on a refi.   It's something I'll read about more though.   Thanks for sharing and the encouragement.    ... View more

Two other things I was looking at were:   1) closing a couple of CCs and trying to negotiate a lower rate to pay off  or   2) working with a place like InCharge or some reputable non-profit DMP, but a settlement company or anything   what sort of negative impact do those have? ... View more

@SouthJamaica wrote: @EaglesFan2006 wrote: @FireMedic1 wrote: Probably will be noted on your reports. Lenders will report a loan modification to the credit bureaus as a type of settlement or adjustment to the terms of the loan. If it shows up as not fulfilling the original terms of your loan. That can have a negative effect on your credit. Although the effect will be less and of shorter duration than a string of missed payments. Not sure. But. I believe I've read that once caught up and the modified short term agreement has been statisfied. They may remove the comment. Not like paying off a settled account to $0 at a lesser amount. Others can verify who been thru this situation. Thanks...below is the exact wording from the email from Upstart:   In regards to what potential negative impacts entering hardship can have, the main one would be credit reporting. If/when you enter a hardship plan, we begin reporting to the credit bureau's that your loan is either in forbearance or modified. All the normal information is still reported, this is just an extra note added to the report. I cannot comment on how this can effect your credit, and would recommend contacting the credit bureau's if thats a concern.   So it looks like it would just be a note.  while the montly payment would change, it would also be extending...I'm ultimately paying the full balance with additional interest.  Again, I'm not so worried about getting new credit any time soon.  Once I get this squared away and everything else stable I would like to be able to move and want to make sure whatever consequences won't hurt my credit.  Realistically it will be at least 6 months after this is fully paid off before I do anything in terms of a new mortgage It's not just a comment. It's a negative that will stay with you for years to come. Probably 7 years. And it will affect your scores.   And no, the credit bureau will not be able to tell you how it will affect your scores.   But I'm telling you it will hurt your scores. Thanks.   I can live with a short-term dip since applying for any new credit isn't on my radar right now.  I'm more concerned with down the road when this is paid off and I might want to pursue a new mortgage.   I would hope the negative impact diminishes a bit over time? ... View more

@FireMedic1 wrote: Probably will be noted on your reports. Lenders will report a loan modification to the credit bureaus as a type of settlement or adjustment to the terms of the loan. If it shows up as not fulfilling the original terms of your loan. That can have a negative effect on your credit. Although the effect will be less and of shorter duration than a string of missed payments. Not sure. But. I believe I've read that once caught up and the modified short term agreement has been statisfied. They may remove the comment. Not like paying off a settled account to $0 at a lesser amount. Others can verify who been thru this situation. Thanks...below is the exact wording from the email from Upstart:   In regards to what potential negative impacts entering hardship can have, the main one would be credit reporting. If/when you enter a hardship plan, we begin reporting to the credit bureau's that your loan is either in forbearance or modified. All the normal information is still reported, this is just an extra note added to the report. I cannot comment on how this can effect your credit, and would recommend contacting the credit bureau's if thats a concern.   So it looks like it would just be a note.  while the montly payment would change, it would also be extending...I'm ultimately paying the full balance with additional interest.  Again, I'm not so worried about getting new credit any time soon.  Once I get this squared away and everything else stable I would like to be able to move and want to make sure whatever consequences won't hurt my credit.  Realistically it will be at least 6 months after this is fully paid off before I do anything in terms of a new mortgage ... View more

@sarge12 wrote: @Hex wrote: @Anonymous  Caputal One auto financing is not coded as a CFA. It's considered a regular bank auto loan.  That makes sense because Capitol One is a bank! American Honda finance is owned by the manufacturer. I imagine all of the major auto manufacturers have a finance company so they can provide financing without as much regulation. In fact, I doubt they could legally own a bank. I think the main difference is you don't deposit money in a finance company, so is not subjected to possible bank examiner's audits. Since banks are owned by stockholders, and are responsible for the funds of depositers, and insured by the FDIC, I think they are more regulated...or suppose to be.(Can't prove that by Wells Fargo though) by that logic though aren't personal loans through things like Upstart backed by credit unions?  I am pretty sure my Upstart loan is.  And I know I have eligibility for Upgrade line of credit since I was approved for it a while ago, but I've never used it.  So that one doesn't report at all.  All told when looking at TU my personal loans show as 'other loans' and i don't see the term 'Consumer Finance Account' anywhere, however when I look at my free scores through various cards that is always listed as the 2nd negative item impacting my score.   All confusing to me.  At the end of the day I just hope that when my personal loans are all paid off and i'm at my debt free goal in a couple of years, that I won't get punished for ever having had them when it comes time to move or buy a new car or anything like that.   Good stuff on this thread thanks for the input ... View more

So it sounds like even if I paid off my personal loans as planned in the next 2-3 years I'm basically screwed for 10 years after that in terms of mortgage scores?   awesome.    ... View more