The following are examples of ways the Home Affordable Modification Plan can help make your mortgage affordable. These are examples and are not intended to indicate the exact results you can expect if you qualify for this plan.
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My mother is over $20,000 in debt due to impulse buys and necessary home repairs. She has 3 credit cards and had things paid off or nearly so until the repairs came up. She owns her own home but may lose it due to the debt.
What are the pros and cons of debt consolidation? Which places are legitimate if we decide to go that route? (I’m helping her look into various avenues.) Do they charge for their sevices or are they free? How do they work?
Any tips on preventing this kind of thing from happening in the future? She does cancel cards as she gets them paid off since she doesn’t want to be more in debt.
The mortgage on the house was paid off last year. It is the home repairs made since then and a buyout of one of the credit card companies by another bank that has her in financial straits. She has been paying above the minimum amount owed on all 3 cards for some time trying to get them paid down.
I am single guy, with a house, looking to lighten the load on my wallet. I was hoping to combine a small loan, an old credit card bill and my mortgage into “one lower monthly payment” like all the ads claim, but I want to know if there is a down side. Also, I am about as financially challenged as they come so keep any responses in easy-to-understand terms. Thanks!
My husband and I have a large amount of credit card debt to pay down. We contacted Money Management International and they created a debt management program through them in which we would pay a certain amt. of money to them each month for 50 months in order to pay down the cards. Sounds okay as a way out with a definite end date. The worry I have is the “no credit” clause in the agreements. You aren’t to take out any new credit while you’re on the program. I agree that we shouldn’t take out any new credit cards or anything. BUT, we do have two car leases that are coming to an end next year and a mortgage that we’ll most likely refinance (because of an ARM) in two years. Those are pretty big credit commitments. Ideas? Experiences? Right now we have good credit (although WAY too much of it) and the idea of completely ruining a good credit history is very daunting to me. Anything you could share would be greatly appreciated!!!
I haven’t signed any contracts with them yet – and would like to get out of debt myself. It just seems so overwhelming!
I haven’t signed any contracts with them yet – and would like to get out of debt myself. It just seems so overwhelming!
My husband and I have been thinking about trying debt consolidation but we want to be able to purchase a house as soon as all the debt is paid. Will it hurt our credit score so we couldn’t purchase a house? Does it affect credit scores at all?
Someone said to just add our debt to our mortgage. How does that work? Your thoughts please.
Someone said to just add our debt to our mortgage. How does that work? Your thoughts please.
My wife and I are considering purchasing life insurance but we aren’t sure if it is the best investment for the money involved. Advice would be helpful. We do plan on having a family in the next few years and our ages are 30 y/o and 29 y/o.
My husband & I are in the process of taking out life insurance cover for our mortgage, which is being changed from half repayment/half interest to full repayment. We have filled in the application form & got to the stage of me needing a medical report from our GP.The GP has had the request a week. How long will the whole process take once the insurance company get the GP report back? Is it fairly quick?does anyone know?
I am a 27 year old single male. I own a house that has a mortgage, and I have some outstanding debt, car, student loans, etc. I plan to be married within the next 3-4 years. I want to make sure that if something should happen to me my family, future wife and parents, are not stuck with my bills and able to continue on without a huge finacial hardship. I know there are different types of life insurance, but not sure how the different ones work. Any help would be greatly appreciated.