Re: Overwhelming CC Debt

Posted by Drew (24.59.27.46) on October 29, 2003 at 11:45:17:

In Reply to: Re: Overwhelming CC Debt posted by ashamedintexas on October 29, 2003 at 11:23:24:

You have equity in your home. The difference between what you owe and what you can sell it for (appraised value) is equity. However your mortgage company may not allow you to finance a home equity loan if you have accounts in collections. It is best to do a home equity loan before you get behind.

You may have to shop around but at this point there are lots of subprime predators who would steal equity.

Have you thought about selling your home and using the equity to pay off what you owe and then move to a smaller place and starting over? Sometimes that might be a less painful solution.

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