Debt Relief Programs For 40000, 50000, 60000, 70000
Debt relief programs are not needed by everyone and this latest applicant may be one of those consumers who really just needs to be able to consolidate his debt into one manageable loan or mortgage with a competitive interest rate. He has a decent credit rating, he has equity in his home which he could use to secure a larger mortgage and subsequently pay off his debt.
Essentially he has three potential solutions that could form part of his debt relief program. The first one is the obvious one, which is to stick with the current situation and just pay his monthly payments on the mortgage and the credit cards. There will be higher interest charges as a result but these can be calculated and totaled for comparison to other solutions.
The next solution is to consolidate his credit card debt into one low interest loan that is not secured. The interest rate and the payments will be a little higher than a secured loan or mortgage. There may also be fees associated with this particular debt relief program. These also can be calculated and compared to the other solutions.
The final solution is to consolidate all of the debt including the existing mortgage into a new mortgage that is secured against his home. This should provide the lowest interest rate possible and also minimize the overall fees that will be charged for making this solution happen. Again the total cost can be calculated and compared.
The applicant can select one of these solutions based on the lowest interest costs and fees or they may be interested in minimizing their monthly payments. The client should be able to make this decision and have attractive offers available based on his credit rating, secure employment and income. Much more discussion and assessment is needed with details before this client can finalize his decision.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $70,000
Home Loan Application and Processing Speed (when do you need the funds):: I would like to get this done in the next 3 weeks before my next payment is due on my mortgage and other credit card debt
Do you currently have a mortgage? :: yes, a small one. I think I have lots of equity in my house
Bank Name and Branch :: Bank of America, Magnolia Ave
What City/Town, State and County do you live in? :: Riverside, California
What is your employment field? :: Sales Management
Employment Position ::Sales manager for a major clothing chain
When are you paid? (monthly/weekly/biweekly):: biweekly
Your credit rating to be – excellent, fair, or bad? :: fair to good, as long as I do not miss any payments
How did you find us? :: looking for debt relief programs online
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $2500
Do you agree to have this information published online, without your PRIVATE information of course? :: sure as long as my employer is not mentioned, or the mall where I work
Extra information here please (some detail):: I have a small mortgage left on my home and a large amount of debt that I have accumulated through several credit cards. The total amount that I am looking for as part of a debt relief program is $70,000. I do not know very much about debt relief programs and not sure that I even need one. What I really need is to be able to consolidate my debt with a low interest loan. In the past I have increased my mortgage and paid off debt that was associated with high interest rate credit cards. This sort of debt relief program solution has worked for me well in the past and I think I would really prefer this approach.
I do not need a chapter bankruptcy solution or anything like that. I am also not interested in paying a lot of fees that sometimes are associated with debt relief programs. I know what I am paying now in terms of interest charges and I am expecting that with a new program, by fees plus interest costs will be much lower than what I currently pay. Please advise.
Note to Lender :: I own my own home, have a small mortgage left and no other debt such as a car loan or anything like that. I owe approximately $35000 on several credit cards and this is really what I am trying to deal with. Regarding my job, I am doing pretty well, sales are up and we are getting bonuses again. It was rough a few years ago, but business is getting better.
No job is secure these days, but I believe mine is pretty good. I also have a decent credit rating although the credit card debt has brought it down a bit. I have never missed a payment on debt, loans or utilities. As a result I believe that I should qualify for a decent interest rate on a consolidation mortgage or a loan. Please advise what alternatives I might consider given the information provided.
|Category: Home Mortgage Loan||APR 9%||APR 8%||APR 7%|
|Length of Term||5||5||5|
|Amount to be paid||$61,435.35||$72,197.71||$82.451.83|
|Total interest paid||$11435.35||$12,197.71||$12,451.83|
|Paid per installment||$1,009.90||$1.186.81||$1,355.57|