Poor credit debt consolidating mortgages

06-Sep-2017 02:46

In reality, credit card debt forgiveness is rare and tricky, and can be very costly. Then you have to convince your creditors that you don’t have the means to repay your debt and your situation isn’t likely to change.If you manage to work out a debt settlement agreement, the creditor is all but guaranteed to report your forgiven debt to the IRS. The amount of tax you owe on the forgiven debt depends on your adjusted gross income and your tax rate.But while your borrowing history is an important factor in getting approved for a mortgage, it is possible to secure a home loan with poor credit.Here are a few reasons to consider working with a bad credit mortgage broker in your mortgage search.Even if you fall in a low tax bracket, you could face a huge bill to the IRS.The debt settlement process involves hard-core, long term debt collection attempts by your creditors, and serious credit score damage that will last for many years.If you are in a situation where you have several payments each month going to various debts with high interest rates, you likely feel that you will never be able to pay everything off and live debt-free.

Some people consider credit card debt bad and mortgage or student loan debt good.Here are three questions to ask your mortgage broker about refinancing a mortgage with bad credit.If you need the funds from your current home sale to purchase a new one, your lender may have suggested a bridge loan as a short-term financial solution.If you’re financially drowning, of course you can declare bankruptcy.

The problem is that bankruptcy is a serious derogatory mark on your credit.But the option we want to discuss here is paying off debt.