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I'm trying to sell my home and I'm barely hanging on because of my credit card and school debt.
I want to sell my home to a commercial business as the area I live in is going commercial. The value of the house went up when new highways opened next to it. I'm trying to make the mortgage payment, 2nd mortgage payment, credit cards, school loan, and regular utility bills up to date, but I'm losing the battle. If I sell the house, my problems will be solved, so need to hang on. What can I do to get a refinance of the house without any closing costs, combine my credit card payment into one, or how do I hang on until the house sells.
Asked by
jkleege
1 year ago
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If you are in that much debt a refi is unlikely. Your Debt to Income would probably disqualify you. Can you get a personal loan until the sale?
hardeight 1 year ago
Pay the house first and always. Credit card debt is unsecured. You lose nothing by not paying those. You fail to pay the house, you could lose the house...normally. Foreclosures are being frozen right now so really you won't lose that either I guess...but pay it first anyway. Like hardeight said, if your DTI is too high, re-fi is unlikely, especially given the fact that forclosures are being frozen. Don't look for banks to be easy with any money going forward.
robert0380 1 year ago