Can you refinance your mortgage and pay off credit card bills?

Refinancing the mortgage on your home in order to pay off credit card debt was a popular option for people 5+ years ago. However, with the drop in home values, lower equity in homes, and higher lending qualifications it is near impossible to pay off credit card debts with a new home mortgage.

If you have significant credit card debt, it is likely that your credit score has suffered as a result. This will make is very difficult for you to qualify for an advantageous loan when refinancing your mortgage. The banks only want to lend money to people with perfect credit, low debt amounts, and a lot of disposable income. People that don’t fit that description, then have to choose another debt relief option.

It is not advised to trade unsecured debt for secured debt. Credit card debt is unsecured, meaning that if you fail to pay it off your credit score will suffer but creditors can’t repossess your property. The mortgage on your home is a secure debt meaning if you fail to make those payments you could potentially lose your home. Unless you are 100% certain that you will be able to consistently make those payments, a foreclosure on your home is not a risk that we recommend taking.

Better options for dealing with credit card debt include debt settlement, debt management, and bankruptcy. Accredited Debt Relief can help you determine the best debt relief option for your individual situation.

To learn more about the debt relief options available to you including California debt relief, Florida debt relief, New York debt relief, and Texas debt relief options visit http://www.accrediteddebtrelief.com/.

Posted in Debt Consolidation, Debt Relief

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Hey Andrew! Thanks again for all of your help! All of you have been very helpful & professional. I can’t say enough about how pleased I have been with your services. Thanks again!! Israel
Israel
I wanted to take a moment to thank you for everything you have done for me. Over the past week I have had several opportunities to interact with you as we worked through what was for me a very difficult and stressful decision. It might sound simple, but in my experience it is exceptional: You, Andrew, focus on solving problems. You were able to quickly grasp the issue and proceeded to reach a resolution efficiently, while allowing me to maintain my dignity. I have found you to be professional, knowledgeable, upbeat, gracious, patient, and absolutely committed to achieving the desired result and satisfying me, the customer.
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I initially contacted Brad at Accredited Debt Relief in regard to a financial hardship I sustained as a result of losing my home in the 2007 CA. Wildfires. I found Brad to be a knowledgeable and experienced credit consular that was able to assist me with my financial problems. He was able to adapt his schedule to my needs and gave me the feeling that he cared about my situation and would do anything in his power to help.
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Every time I have called Tony if he didn’t pick up the phone immediately, he without fail returned all my calls promptly. I feel as if Tony and I have become friends and I couldn’t be any more pleased with the service he has provided me. If the rest of the service I receive from ADR is as helpful and professional as that provided by Tony then I am going to be one grateful and happy camper. I would like to thank everyone involved to this point with helping me through a tuff situation, especially Tony.
Byron
I am really glad that I did make that call because if I hadn’t I would be worried so much about the bills and not being able to pay them, along with my health. You explained everything to me and after I talked things over with my husband I realized that this was my best option. I do appreciate your kindness and professionalism. You didn’t make me feel ashamed of needing help, you talked and listened and that made quite an impression!
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