- This topic has 8 replies, 4 voices, and was last updated 8 years, 10 months ago by Anonymous.
- February 18, 2011 at 6:43 am #412973AnonymousInactive
I personally think that it would be a good idea. Even though student loans have really low interest rates they usually have shorter loan terms. Your mortgage is most likely amortorized over 30 years and your student loan is amortorized probably over 8 or 10 years. So, if you keep the student loan your payment is going to be high because of the length of the loan, even with the loan interest rate. You could refinance and roll that loan into your mortgage and stretch that balance over 30 years, have a low rate and pay less. It just makes more sense to me anyway.
Lapr0kan… what?? Where do you see that she owes close to her value? Do you see that anywhere cuz I don’t. I think you give her the facts.. and FYI she doesn’t have to get a Home Equity Line of Credit to refinancer her house. She can have just one mortgage.. which would be a better idea anyway because HELOC rates are through the roof right now! How long have you been in the business?
- February 18, 2011 at 7:30 am #412974AnonymousInactive
Dont do it… you get divorced and you’ll OWE half on a loan that was originally his…DONT DO IT.
- February 18, 2011 at 8:06 am #412975AnonymousInactive
You can’t do this, you can only borrow up to the amount of the purchase price of the property.
You’d only be able to consolidate the loan if you already owned a home and wanted to take out a Home Equity Line of Credit to pay off the student loan, but you’d still have to have the equity in the house to be able to do that.
- February 18, 2011 at 8:09 am #412976AnonymousInactive
The main downside to this plan is if you two divorce. You would be obligated on the debt (which includes his former school debt he HE accrued).
Also, if only you are obligated on the loan, are both of you on the deed? If so, that means he owns the house with you but has no obligation to pay the loan.
- February 18, 2011 at 9:05 am #412977AnonymousInactive
There are actually pros and cons to your situation.
1. You cannot bankrupt a student loan but you can give your house back to the bank if you can’t make the mortgage….that is the only pro…and not a very good pro.
2. It sounds like you are newly married….that alone, is a good reason not to make your husband’s debts your own.
3. If it were my husband, I would work on restoring his credit so that he may refinance his student loan at a better rate.
4. If you cannot afford the house and pay his student loan, then it’s best to wait until his credit issues are fixed, or see if you can qualify alone at a good rate.
- February 18, 2011 at 9:39 am #412978AnonymousInactive
You cannot roll any debt (student loan, credit card) into a purchase. After the purchase and after you have enough equity in the home you can either do a cash out refinance or a HELOC and at that time you can pay off any debt. If things are so tight for you already foresee a hard time paying a mortgage, you should wait.
- April 16, 2011 at 5:29 am #199147AnonymousInactive
repair, and has bounced? I paid $300 to an attorney that works with a real estate firm specializing in credit repair, by disputing and of such nature. He hasn’t done anything, he is now unable to be reached? Took my money and left but still around. Can I bring legal action to him? (His company states that he’s doing it on his own). I need a good attorney to help me out, what kind of attorney could help me in this case? Please help me.
- April 16, 2011 at 5:30 am #256548Slm420Participant
Legal action would cost you a whole lot more than $300.
- April 16, 2011 at 6:13 am #256960Antonio GlaspieMember
Report him to the bar association. They will do a full investigation into his misconduct and discipline him. It shouldn’t cost you anything. Google the bar association in your state to find the info you need. Good luck!
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