Lots of debt Need consolidation loan or something
Date: Sun, 11/23/2008 - 18:08
I moved in with my mom to help her with her debt problem, she had surgery and lived off of cc's and loans for over a year, now she has like 17 grand debt.. she has a over 100k house that she only owes 22k left on (and even though market is bad its in a small collage town and property value is going up here always). She has about 15k debt. In all she is paying 1400 a month. without me moving in she wouldnt be able to pay this. Being so close to having the house payed off isnt there a way she could get a loan to pay everything off to only make a payement to one company and a reasonable rate.
If I have got you right then you're saying that your mother is p
If I have got you right then you're saying that your mother is paying off a mortgage and needs to payoff the unsecured debt through debt consolidation. Getting a consolidation loan will depend on the credit score she has.
I think a debt settlement program or a debt management program can serve her better.
debt settlement can decrease her debt by 40 to 60% but will also affect credit score adversely.
if your Mom has good credit she may be able to take out a home e
if your Mom has good credit she may be able to take out a home equity loan to pay off the credit cards. the interest rate would be lower than what cc's charge.
