debt consolidation
Date: Sun, 01/09/2011 - 17:57
:cry:My question is what can be encompassed in the debt consolidation. My situation is this-I was recently scammed by someone I met on a social website. I now have an additional 15K debt thanks to that. I also just recently got divorced. My debt is as follows-mortgage, home equity loan, another loan(don't know what type it is-thru citi financial), personal loan, 2 credit cards( personal loan and cards because of scam). The personal loan and home equity are deducted from my checking. I just recently am borrowing from my retirement to pay off some of the scam debt. I also have financial obligations yet to deal with for the divorce. (ex gets 5K and have to refinance the mortgage and will need closing costs for that) If I can get most of this into one payment, then I can use the retirement loan to take care of the the financials for the divorce.
Well... what I can suggest you is that if you have equity in you
Well... what I can suggest you is that if you have equity in your property, then you or your ex can refinance the mortgage in order to get a new loan at a lower interest rate and pay off the existing mortgages. However, if there is no equity in your property, then you will have to apply for a loan modification for both the mortgages in order to get a lower interest rate to pay off the dues.
As far as your credit card debt and personal loan is concerned, you can consolidate them. You can contact a debt relief company and they will help you in consolidating them through a debt consolidation program.
