Borrow more before default to prepare for settlement?
Date: Wed, 05/27/2009 - 07:36
I have access to about $40,000 more that I'm going to take out so I have some money to negotiate with during settlement.
My question is when should I take this additional $40,000 out?
Should I take it out now and make payments for 6 months?
Should I take it out in 3 months and make payments for 3 months?
Should I take it out at the last minute?
I calculated it may cost me $5000 if I took the money out now and make 6 months of payments.
Any insight will help immensely!
Sounds rather fraudulent....and quiet frankly lenders arent that
Sounds rather fraudulent....and quiet frankly lenders arent that stupid.
The bank froze my secured debt (Home Equity Line of Credit) the
The bank froze my secured debt (Home Equity Line of Credit) the moment I transferred my debt to unsecured debt (Credit Cards) at 0% 6 months ago. I've been pushed into this situation. I hate this situation, but I want to make sure that this situation doesn't leave my family on the street because some home loan appraisal algorithm decided to devalue my property which used to me my home. I had to move out, rent it out, get a better job in another country, in order to pay my debt down faster. I'm tired of getting squeezed since I'm obviously doing my best to pay them back. I have a 760 FICO for a reason, but they keep putting my feet to the fire.
I just want to slide under the radar and have some breathing room when the inevitable default happens and they try to squeeze the life out of me.
Go for it! The banks are getting thier money, so why shouldn't y
Go for it! The banks are getting thier money, so why shouldn't you get yours?
You're the one that has to live with yourself. Why don't you
You're the one that has to live with yourself.
Why don't you just face the inevitable? Call them & tell them you've got problems. Maybe, they'll work with you.
I agree with Buckeye. Start dealing with it now and you might b
I agree with Buckeye. Start dealing with it now and you might be able to work something out. If you wait until you are forced to quit paying everyone they will all come at once and they will move as quickly as they can, especially when they find out you have 80k in debt with other creditors. And you are out the other 40k.