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Alan Milani

Loan Consultant (23 years experience)

Purchase Loan,
Home Equity,
Mortgage Planning


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

Contributions are sorted newest to oldest.

Does the HELOC go away?


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 !

a Refi question


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 !

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


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  :-)

Underwater, Walk away or Refinance?


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.