Posted on: 31st Jul, 2010 07:42 am
do you have to surrender your credit cards if you get a second mortgage to pay them off... i was told that it was a banking regulation that you had to do so.
That's false. However, your lender may require it from you as a stipulation on approving the loan. That's not uncommon, but it's certainly not a regulation.
If you don't want to get back into the $$$ trouble that caused you to have to get the new loan in the first place (by running them back up again), you need to surrender them to someone or better yet CUT THEM UP!!
Personally i'd rather have unsecured credit card debt, than jeopardize my house and home by getting a second mortgage to pay them off. If you don't pay a credit card bill all they can do is harass you for a while, then send it to collections and ruin your credit. If you lose your income and abilitiy to pay the second mortgage they can TAKE YOUR HOUSE, LEAVE YOU HOMELESS, AND RUIN YOUR CREDIT
Makes no sense to me!!!! :roll:
Personally i'd rather have unsecured credit card debt, than jeopardize my house and home by getting a second mortgage to pay them off. If you don't pay a credit card bill all they can do is harass you for a while, then send it to collections and ruin your credit. If you lose your income and abilitiy to pay the second mortgage they can TAKE YOUR HOUSE, LEAVE YOU HOMELESS, AND RUIN YOUR CREDIT
Makes no sense to me!!!! :roll:
