80000, 90000, 100000 Debt Consolidation Relief Services

A consumer is looking for a debt consolidation relief service. They have a small amount left on their mortgage, balances on several credit cards and also a car loan that they wish to consolidate. The mortgage and car loan have quite competitive interest rates, while the credit card balances will carry a high interest rate if he does not repay the balances by the due date. In addition they are planning to do some renovations to their home, although they appear to not be far along on the planning of this, since they do not have a solid number in mind in terms of how much money they plan to spend and over what time period. They feel they need somewhere between $80,000 and $100,000 for the debt consolidation and the renovation work they are planning to do.

One approach for this consumer is to take out a line of credit which is also using their home as security. They will be able to obtain a competitive interest rate and also draw on the funds as needed. For example if they have a $100,000 line of credit established, draw $60,000 to cover the debt consolidation they are planning, they will have $40,000 left to draw on as needed for the renovation work. They will need to pay the interest accumulated each month and whatever principle they can afford in any given month. They will be able to draw on the line of credit up to $100,000 or pay down their line of credit  at any time. This is probably one of the most flexible approaches to take for someone with these requirements.

In addition with their excellent credit rating, lot’s of equity in their home they should not have any problem being approved for this type of secured loan and it will be totally flexible for them as well.

DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION

Home/Mortgage Loan Amount :: $90,000

Home Loan Application and Processing Speed (when do you need the funds)::within the next couple of weeks so I can finalize my plans to consolidate the debt that I have

Do you currently have a mortgage? ::yes, it will be part of the consolidation plan

Bank Name and Branch ::Wells Fargo, Ocean Blvd

What City/Town, State and County do you live in? :: Laguna Beach, California

Zip :: 92651

What is your employment field? :: Work for the City of Laguna Beach

Employment Position :: City Maintenance

When are you paid? (monthly/weekly/biweekly):: biweekly

Your credit rating to be – excellent, fair, or bad? :: excellent

How did you find us? :: looking online for consolidation loans

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck :: $2400

Do you agree to have this information published online, without your PRIVATE information of course? :: Sure , I do not see any problem with that

Extra information here please (some detail)::I am really not sure how much money to borrow, although I know that it should not be larger than $100,000. I have an existing mortgage that is almost paid off and not want to consolidate this small balance of $9,500 with several credit card balances and a car loan. I would also like to have some additional money to complete some renovations that I am planning around our house. In terms of debt consolidation, I need about $60,000 in total and figure that another $20,000 to $30,000 should be available  to cover some of the renovation work we plan to do over the next few years. I do not need all of this money right away, just the money for the debt consolidation that is planned. We need these funds within the next couple of weeks so that we do not pay any of the high interest charges that you typically find on credit cards.

The existing mortgage is under 5% and the car loan that I want to consolidate is under 3%. The mortgage and the car loan have pretty good interest rates, however I would just like to have one payment to make each month.

Note to Lender :: My credit rating as far as I know is excellent and I have a steady job working for the city of Laguna beach. Our home is almost paid for as mentioned and I have never missed a payment on any debt or utility payments. The only negative may be the number of credit cards that we have. We have a total of four, which is not a lot compared to some people, however I am worried that because we have four cards, our credit rating might be down graded slightly.

Laguna is a seaside city with a great beach, lots of shops and restaurants. It is a great place to live and to also work. Winters can be a bit damp and cold, however in the spring, summer and fall it is a glorious place to work. I have worked for the city for over 10 years now.

Can you suggest the best approach for us to proceed with regards to debt consolidation services and how we can handle the situation where I will not need all of the money right away?