any further advice cause do have equity loan offers

Posted by Robyn (64.12.102.169) on May 23, 2002 at 03:53:27:

In Reply to: Re: AHHHHH!!! --dirty rotten liars :) posted by Why Chat on May 23, 2002 at 02:00:13:

I hear ya. Ok, I have recently received 2 communication offers on a pre-approved loan on my house up to 20,000. Now I don't know a lot about these damn second loans. Here they are saying we may be able to reduce your house payments by as much as 500 per month. That doesn't even make sense. Well anyway---here is what I am thinking--Pay off the damn cards with it and the taxes. I should have enough all together to do so. I know you suggested putting it in a safe place--but maybe I should just pay it all --it would be such a relief--but maybe in the end it is not as smart.

Summary:

1.anything particular to be concerned about with a second mortgage?

2. anything to be said for simply using the 20,000 loan plus my other cash to pay off all of the bills--and if not--how much equity are you suggesting I take out--40,000 or so?

I would be cash weak but The only things of real concern to me now are the 14,000 loan and the property taxes. --At least I think these should be my major concerns. Once I get a job---the other cards should be a breeze to pay off.

Thanks for your response.

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