Refinance or not
I have 40thousand in equity and I owe 37thousand and 15,thousand in credit cards should I refinance right now I am in a bloom payment I need to get out of debt. help please
Terry Says
I doubt you will be able to refinance, and I’m assuming the rate would be higher than your current mortgage — although less than the interest charged on your debt.
Immediately call 800-388-2227. That will connect you to the nearest local office of the National Foundation for Credit Counseling. You can trust their advice and it should be free, or of minimal cost.
Write back and let me know what course you decide to take. Selling your house would solve the immediate problem. But it might create others — where would you live and could you afford it?
They may be able to talk to your creditors to bring down your debt and set you on a repayment plan if you have regular income. So listen to their advice.
