Can a mortgage lender answer this for me?
Written By: admin on July 29, 2009
One Comment
Is there a difference between a Consumer Credit Counseling DMP or a debt reduction program where there has been settlement of debts to pay off quicker as for as a lender is concerned? We are avoiding bankruptcy if we can. We can pay off our debt in half the time at nearly half the price with the Debt Reduction company. I have a commerical building mortgage that will be up for interest change in 3 more years. The debt reduction would have us out of debt just prior to that. The DMP with Consumer Credit will take at least 4 1/2 more years. We can’t choose what to do. What would a mortgage lender advise?
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If you can do a chapter 7, do that. But, I’m nearly certain the commercial building would be forfeited and sold by the Bankruptcy Trustee unless there is no equity or you don’t own it. Consumer Credit Counseling would hurt your credit while you are in the plot and would make it hard to obtain a new mortgage. But, once your consumer credit counseling is paid off, your credit doesn’t reflect that so it’s only a problem while you are in the program. A Chapter 13 bankruptcy affects your credit longer than a Chapter 7 and is the least desirable option. If you have equity in your home, consider doing a debt consolidation loan unless you cannot qualify. You can deduct the interest on your taxes and your credit score will improve.