Mortgage question
Date: Mon, 01/03/2011 - 05:56
I have a mortgage with BOA and have always been timely with my payments, etc. I am not getting anywhere paying my credit cards though, and I was wondering what would happen if I just didn't pay my mortgage for 5 months? The money for the mortgage would really put a huge dent in my credit card debt. Then I could resume my mortgage payments without having extra credit card payments on top of that. Can someone tell me the pros and cons? What would happen with BOA?
You may get someone with more experience here to answer your que
You may get someone with more experience here to answer your question...but my advice would be to pay the mortgage first and foremost...from what i know because the debt is so large....they usually tack on enormous late fees and interest charges that will be difficult to dig out of after you pay your cards.
I would think about debt settlement on your cards and keep paying the mortgage. Get a renter....
Others might have different experiences. I need my home much more than I need CCs......but I am not upside down as yet!!! Good luck to you,
OK..SO...NEVER NEVER NEVER dont pay a secured debt (mortgage or
OK..SO...NEVER NEVER NEVER dont pay a secured debt (mortgage or car loan) in favor for paying an unsecured debt (credit cards).
The mortgagor can take your house in foreclosure proceedings...and think about how far behind 5 mtg payments would make you...say you pay $1800 per month...and that includes taxes and insurance...now how the heck are you coming up with $1800 x 5 or $9,000 PLUS the late fees etc, if you cant pay your debts NOW...
NEVER consider doing this...it is a BAD BAD...let me emphasize that again...A VERY BAD idea. You should let the cards go for five or so months....save up that money and start talking settlement with them.
Once again...I urge you NOT to prioritize your debts by paying the cards over the secured items.!! Happy New Year to you! And I hope you are able to get somewhere with your debts!!