Posted on: 18th Jan, 2012 12:53 am
I am in the process of refinancing our home. This is mainly to pay off 4 outstanding credit cards which have judgments on them. My loan officer told me that I will be able to negotiate with the CA and settle the debts for a lesser amount. Won't the CA's know I'm going to have enough to pay them in full?? I'm surely not complaining, just confused.
hi minnieee,
as your are delinquent on your credit card bills, it will be a good option to contact the ca and negotiate for a settlement of the debts. if the collection agency somehow agrees to it in writing, you won't have to refinance the mortgage and cash in the equity to pay off your credit card debts.
take care.
as your are delinquent on your credit card bills, it will be a good option to contact the ca and negotiate for a settlement of the debts. if the collection agency somehow agrees to it in writing, you won't have to refinance the mortgage and cash in the equity to pay off your credit card debts.
take care.
Hi, Dont let the CA company know that you are refinancing. Say that someone passed and you will be recieving a small inheritance, just enough that would cover your debts at 30-40% of the original value. Good luck!
