pedz Posted November 20, 2008 Report Share Posted November 20, 2008 Hi,This is a newbie question which is probably answered in your already posted documents but I thought I would ask anyway. I hope that is ok.My mortgage is roughly $550K and I have another $300K in unsecured debt. Part of it is in my company but it is an S corp and I'm the only share holder so, effectively, its my debt.The mortgage is an ARM that is about to readjust for the first time in February based on the LIBR (?) rate.The really bad news is I just took a pay cut so I will earn only about 75% of what I was.My "VantageScore" right now is 862. A "B" according to them. (I was kinda upset to find out that this is not the same as the FICO score...) I have only one missed payment back in '04.Utopia would be to consolidate the unsecured debt into one simple payment and stretch it out as long as possible. I'd also like to convert my mortgage to a fixed rate. Although, last time I looked, my adjustment may be really small this time since rates are so low.Are there any legitimate places that actually help with credit situations like this? I see tons of gunk but I assume they are all scams. Are there any government programs yet to help out? I've heard that the bailout money is going towards bonuses to the guys who got us into this mess.Thank you Link to comment Share on other sites More sharing options...
admin Posted November 20, 2008 Report Share Posted November 20, 2008 Start with your bank. You know, the one which has your checking account. If that doesn't work, start calling mortgage brokers and ask them what products they have and if you will qualify. If you take anything, make sure you understand: 1. If there is a pre-pay penalty2. What the fees are. 3. What points they are receiving from the lender in order to do the loan. Call around and shop the loan. Mortgage people are starving right now, you should have eager loan officers. Link to comment Share on other sites More sharing options...
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