I keep hearing about people calling their bank to get them to get a lower mortgage, what is that about?I have accumulated some debt & I am ready to pay it off now. I own $109,000 on my mortgage, $80,000 on an equite line, $30,000 to bank of American credit & almost $8,000 to another credit card......B of A took advantage of my situation. They offered me checks that were at zero percent but they were not supposed to... | |
Your question has no short answer, but to comment on what you've experienced with your mortgage and credit cards I can definitely speak from a position of knowledge. While it seems your credit card companies want to bleed you dry, they are simply trying to adapt to changes as well. Like it or not, you have to pay for the losses that they incur from people that havent been as diligent in paying their bills. While it doesnt seem fair it's always been that way (why do you think the interest rates are higher for credit cards than mortgages? Because they're higher risk, even though that risk may not end up materializing with you).
People have been able to get mortgage modifications lately to help stop the economy from sinking but no bank or lender is required to modify your loan, especially if you can qualify for a refinance instead. Again, it may not seem fair and you (and myself included) may not agree with the way it's determined who does and doesnt qualify but that's just the way it works.
It seems like you are playing with fire with all the debt you have been carrying and may want to consider that idea of moving to the country or whatever. Credit cards are not like loans....they can change at any time. It's always been that way but it wasnt until now that companies started utilizing that language in the fine print to their advantage. These are all For-profit companies so I guess you cant blame them for running a business but you have to look out for yourself too and do whats best for you. Look up a guy named Dave Ramsey (he has many books, seminars, and is on the Fox business network and XM radio), he has a fantastic way of explaining how to live a better more stressfree financial life. Good luck and id love to hear more about what you decide...let me know!
Never late nor not paid yet earlier stated only paid the credit cards $10, hmmm You assume you could get $325K for your home suggest you get an appraisal. Sorry this post cannot be real no one is this self centered, this egotistical, and this ignorant in thinking they are the queen of England. Thanks for the laugh
Sell your House 2 me for 1,000,000 D O L L A R S
:)
