Posted on: 12th Oct, 2007 06:22 am
CAN ANY ONE OFFER ME SOME ADVICE ?
Hello,
I became disabled about 3years ago. I lost my business due to the disability 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. 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 disability. 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.
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
I get 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.........................
Thank you
Tom
Hello,
I became disabled about 3years ago. I lost my business due to the disability 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. 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 disability. 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.
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
I get 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.........................
Thank you
Tom
Dear Tom,
Sorry for not responding until now. I am new to this forum and have been traveling. My apologies. I know Eric is very knowledgeable. Have you been able to resolve your concerns and identify a loan that will help or do you still wish for me to send you some information ?
You can contact me at my links below my post if need be. I will try to upload or post on the site. I may need to contact the site administrators as this is fairly new to me.
In regards to Jenkins7: Thank you for your comments and no Tom can not qualify for a Reverse at age 51. The program I am referring to is not a reverse. It is a mortgage program offered through a few reputable banks and is a mortgage used in financial planning. It is not something I have worked with as long as I have with reverse mortgages but it has benefited others. It may be something that Tom may benefit from. I am not the expert but I will point Tom in the right direction.
Hope this helps and again I apoligize for my lack of response Tom
Regards
Tony Golden
Sorry for not responding until now. I am new to this forum and have been traveling. My apologies. I know Eric is very knowledgeable. Have you been able to resolve your concerns and identify a loan that will help or do you still wish for me to send you some information ?
You can contact me at my links below my post if need be. I will try to upload or post on the site. I may need to contact the site administrators as this is fairly new to me.
In regards to Jenkins7: Thank you for your comments and no Tom can not qualify for a Reverse at age 51. The program I am referring to is not a reverse. It is a mortgage program offered through a few reputable banks and is a mortgage used in financial planning. It is not something I have worked with as long as I have with reverse mortgages but it has benefited others. It may be something that Tom may benefit from. I am not the expert but I will point Tom in the right direction.
Hope this helps and again I apoligize for my lack of response Tom
Regards
Tony Golden
Hi again Tom,
I had a chance to read through the rest of the posts. The one comment I want to make is you do not have anything to be embarrassed about. If you live long enough we all hit road blocks along the way. Even if you don't get you children involved to help....which should always be an option to consider, you should at least let them be a part of all sides of your life. You never know, they may have a suggestion that will help. It is about people helping people...that is what this forum is about and family is the closest kind of people you can find. Do not let pride or embarrassment get in the way. Our children need to know we are human also and things happen. It actually helps them realize that they can have major problems also and not be embarrassed to deal with it openly. Well my opinion anyway. I hope it helps.
keep a positive outlook and someone will uncover the best way forward.
Take care and let me know if there is anything else I can do
Tony Golden
I had a chance to read through the rest of the posts. The one comment I want to make is you do not have anything to be embarrassed about. If you live long enough we all hit road blocks along the way. Even if you don't get you children involved to help....which should always be an option to consider, you should at least let them be a part of all sides of your life. You never know, they may have a suggestion that will help. It is about people helping people...that is what this forum is about and family is the closest kind of people you can find. Do not let pride or embarrassment get in the way. Our children need to know we are human also and things happen. It actually helps them realize that they can have major problems also and not be embarrassed to deal with it openly. Well my opinion anyway. I hope it helps.
keep a positive outlook and someone will uncover the best way forward.
Take care and let me know if there is anything else I can do
Tony Golden
Hello Tony,
Thanks for clarifying my question.
Which mortgage program are you talking about? Could you explain that a little in detail? It would definitely help us all.
You are absolutely right to say that the forum is there to help people. Your motivating words are appreciated. :)
Thanks for clarifying my question.
Which mortgage program are you talking about? Could you explain that a little in detail? It would definitely help us all.
You are absolutely right to say that the forum is there to help people. Your motivating words are appreciated. :)
i may be a little to late to this post but i have read most of it and all is pretty good information. my biggest concern here is that i have read the advise for tom is to refiance everything into one loan. that would be correct, but it will not get him into a better situation.
tom,
you get ssd of 1800 a month and that is all your income so since your disablityyou have accumilated 55k in credit card debt in 3 years. when you will refinance you will position all your debt into one loan and have a repayment plan that you still won't be able to afford so in three years again you will be 55k in credit card debt and doing it all over again.
if you can go back to work then this might be a solution, but if you are permenatly disabled you may want to look at your life's big picture and figure away to remain in the same lifestyle you are accustomed to but try and eliminate the majority of your debt and not accumilate more.
if you go to cc counseling the majority are a scam and they usually require you to close you accounts which would cut off your current income stream.
let me know if i read right or if off base here.
tom,
you get ssd of 1800 a month and that is all your income so since your disablityyou have accumilated 55k in credit card debt in 3 years. when you will refinance you will position all your debt into one loan and have a repayment plan that you still won't be able to afford so in three years again you will be 55k in credit card debt and doing it all over again.
if you can go back to work then this might be a solution, but if you are permenatly disabled you may want to look at your life's big picture and figure away to remain in the same lifestyle you are accustomed to but try and eliminate the majority of your debt and not accumilate more.
if you go to cc counseling the majority are a scam and they usually require you to close you accounts which would cut off your current income stream.
let me know if i read right or if off base here.
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