should i pay down first mortgage with a fixed rate first or the home equity line?

Tips and Deals Forums Home Mortgage should i pay down first mortgage with a fixed rate first or the home equity line?

This topic contains 3 replies, has 2 voices, and was last updated by  Anonymous 8 years, 1 month ago.

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  • #203144

    Anonymous

    with an adjustable rate.

  • #261345

    Thomasvef
    Member

    The home equity gets paid first

  • #426812

    Anonymous

    Pay for delete only works for single entry items on your credit report, like medical or utility bills. And even then it is more difficult to get a collection agency to agree to a pay for delete.

    In the case of your mortgage, the collection agency can only remove what they report. The original lender’s negative input will remain. Credit bureaus frown on removing legitimate information and that mortgage lender is going to comply with the credit bureaus policy. They rely on the completeness of credit reports.

    Even if you could get the collection agency to agree to a pay for delete, it would look much worse for your credit report to NOT show that you settled the debt. The collection agency can only remove what they report which wouldi include the part about you paying.

  • #426813

    Anonymous

    ‘Settled with deletion” was NEVER a status recognized by ANY reporting agency. What it actually meant was the creditor would report the account had NEVER actually existed upon settlement. Technically, this has ALWAYS been fraud.

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