I have a $108,000 home equity line of credit that is about to go into repayment. I have asked Bank of America to consider hardship refinancing on the account which is not late and is current. I will call tomorrow. From what I understand, they will assign me a case manager and I will need to do a lot of paperwork. My income and expenses will be evaluated. I assume this will have a major impact on my credit which is in the 700-710 range. I have $20,000 in savings and owe that much on a new car loan. My income is $50K. No credit card debt. I have six cards and am considering closing them all which will probably happen when I file hardship. Two AMEX, two Chase a discover and a NFCU VISA. One AMEX card is 25 years old-a gift of backdating when I got the card in 2013, the last time I was late paying the line of credit. In 2010 I had numerous 120 day lates, $70000 in credit card debt and many settlements. I'm 55 and in poor mental and fair physical health. I am on disability for bipolar disorder, a curious gift from the VA and Social Security. Wounded combat veterans get nothing and I live high on the hog, relatively speaking. Life isn't fair.
Does anyone have experience with hardship financing? What should I do with my cards? Who the heck cares?
