Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question Credit Card Debt. Refinancing home for payoff!? We are trying to refinance to fha to get out our equity to pay off huge credit card debt instead of bankrupcy (chapter 13). Once we get the money we owe 8 credit cards money totalling 48,000 dollars at 23%. Will they negociate with us so we can pay less - we are going to pay all credit cards off. I do not want to make any payments again - we are paying these off in full if we need to . I am pretty sure I should not close them. AT THIS TIME I DO NOT CARE ABOUT OUR CREDIT - I WILL BE PAYING CASH ONLY IN THE FUTURE. CREDIT CARDS CAN REALLY MESS UP YOUR LIFE! By wh Posted on 06/09/08 Total Answers 4 Answers- It depends if you've ever been late in sending in payments to your credit cards. If they don't negotiate, you can try credit counseling agencies. They usually can help you set up a payment plan and negotiate with the credit card companies to lower your interest rates. I did that and got myself out of credit card debt within 5 years of signing up with the program. Answer by : dangykickr On Date 2008-06-09 14:01:10 Most creditors will negotiate to get a full amount pay off (or as much of it as they can), but keep in mind this will affect your credit rating. My mother-in-law did the same thing & its worth it. Good Luck Answer by : jml_barker On Date 2008-06-09 14:02:20 in my experience they will negotiate depending upon who you use. depending upon your creditors will determine your individual ability to settle your own accounts. i tried and failed in late 2006. early 2007 i signed up with everest debt solutions and so far they have saved me from bk and i didn't have to refi my house and lose my equity in my home. so far they have settled about 40k of my total 61k owed. i used my tax return this year to help settle some of the accounts sooner they don't have a prepayment penalty. also the program can affect your credit so if you don't care about your credit this is probably the best solution for you and your family. try and avoid refinancing your home. with our economy you may want to hold onto whatever equity you have for an emergency like a new roof or other things. Answer by : greg d On Date 2008-06-09 14:44:26 Instead of refinancing your fha why don't you take a debt consolidation loan. As this loan is given for consolidating your debts it has low interest rates. Thus you can pay the credit card debt and the fha loan together. This is what I suggest. You can also contact a debt consolidation company...may be they can provide you with other options as debt consolidation comes in many form. Here is the source of a debt consolidation company named http://ezconsolidation.com for your reference. Answer by : Ervin On Date 2008-06-10 00:01:52   Go Back To Search Results