Profile picture for Alan  Milani

Alan Milani

Loan Consultant (23 years experience)

Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (44 Contributions,
  • 0 Best Answers,
  • 5 Helpful)

Contributions are sorted newest to oldest.

Does the HELOC go away?

Answer

It's all part of negotiations with both loans. You may be able to get them to forgive the 2nd -OR- you could always look into bankruptcy !You should consult an attorney...Good Luck !

  (0)
a Refi question

Response

Since you are under water, I would payoff the credit cards. Your 5.5% rate us pretty good for now, so is the 2.75 % on the Heloc. You are probably paying 18% on your credit cards. You can probably save $500/ month by paying off your credit cards...Good Luck !

  (0)
Paying off ALL bills: how long before it hits credit report?

Answer

Usually it takes a month for it to show. If you are in a hurry, and applying for a loan, you can request a RAPID RE-SCORE, and it should increase your FICO.I had a client who had a 665 FICO, and he paid more of the balances on 2 credit cards. His FICO increased to 720, when we did the Rpaid Rescore.Good Luck  :-)

  (0)
Underwater, Walk away or Refinance?

Answer

This is a personal question, and I think only you can make the best decision for yourself.However, I can tell you that if I were in your shoes, I would keep the home, since I have an ethical and moral responsiblity to make the payments, IF I can afford the payments. Thus, keeping my credit clean in the process...Good Luck.

  (0)