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TF290
Joined: 11 Oct 2007
Posts: 2
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| Posted: Thu Oct 11, 2007 3:17 pm Post subject: Disabled - NEED HELP Locating a Lender to Consolidate Debt |
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Hello,
I became disabled about 3years ago. I lost my business due to the disablity and now my only source income is my Social Security Disability Check. I own my home,but have a Home Equity Loan and credit card debt. I‘ve been getting by and paying both with my S/S check and my savings account. But the time, has now come, to were I am getting very nervous ,as my saving is going down and I will not be able to handle my payments with just my disability check. Before this happens, I would like to consolidate my Equity Loan and my Credit card debt to lower my monthly payment ,to where I'm able to afford to pay for this with my Disability check alone.
Do to my situation of being disabled and not employed , I don't know who or were to go for help with this. I'm afraid to call my bank(Citibank) who is holding the note, thinking if they know of my situation,it might cause problems with my current loan. I don't know if going to another bank is the thing to do or just contact a mortgage broker.
My credit score is 730 and my wife's score is 768. We have never missed or been late on a payment and no bankruptcy. My house is worth $450000.00 and my Equity loan is $124000.00 and Credit Debt $55000.00. My credit score is due to the credit card debt,it was about 775 I never had that much credit debt and this is do to my disablity. Also ,my current rate on the Credit debt is 2.99 and 3.99.I'd like to consolidate both and get another Equity loan/line in the range of $200000.00-$230000.00.
Any advice or input would be greatly appreciated...............
Thank you
Tom |
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TF290
Joined: 11 Oct 2007
Posts: 2
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| Posted: Fri Oct 12, 2007 1:10 pm Post subject: |
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CAN ANYONE OFFER ME SOME ADVICE with the situation I'm in?
1.Will contacting my bank cause any problems?
2.Should I apply to another bank for a equity loan?
3.Will a bank not even consider my application with the
situation I describe here?
4.If I apply to another bank and get turned down , Will it effect my
credit report if I try a mortgage company to obtain a loan?
5.With the information I gave here, I'm I wasting my time? Will
anyone consider me for a loan?
6.Are there any other options for me?
I'm at a stand still here and don't know what direction to go.......
I would appreciate any advice or info.........................
Thanks Again
Tom |
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jrhartman
Joined: 01 Apr 2007
Posts: 107
Location: Michigan
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| Posted: Fri Oct 12, 2007 8:56 pm Post subject: |
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1. Why are you specifically looking for an equity loan?
2. How much are the minimum payment for your credit cards each month? Equity line payment?
3. How much monthly income do you and your wife have? is she employed? if so, is it full time?
4. How much $ are you trying to save each month overall by combining everything?
5. What are your other monthly expenses (car/personal loans/etc)?
If you can answer those questions for me, I will point you in the right direction of what to do :wink: |
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