All Forum Posts by: Rafael Abdalla
Rafael Abdalla has started 1 posts and replied 5 times.
Post: tapping in to my equity to pay off high interest loans
- Posts 5
- Votes 2
Quote from @Diane Frissell:
Sorry dude but taking on more debt to try to reduce your debt is rarely profitable - when you're starting to go underwater prudent risk management states to sell off un-profitable assets. Only way to real that **** in. If it's your business that's un-profitable then uh... best of luck but sell off and salvage.
Also avoid anyone trying to sell you more money because that's probably what they're paid to do
got out of that business and now paying for the mistake #MoveOn
Post: tapping in to my equity to pay off high interest loans
- Posts 5
- Votes 2
Quote from @Chris Seveney:
@Rafael Abdalla
First you need to solve your spending problem. Out of the $250k owed can you sell the cars and get less expensive cars? What were all the personal loans for?
We buy mortgages and I would say more than 50% of people that take a HELOC to pay off debt rack it right back up within 3 years because they have a spending problem.
I would sell cars except none of it is cards, it’s all personal and business credit cards with PG on them
Post: tapping in to my equity to pay off high interest loans
- Posts 5
- Votes 2
im paying roughly $3500 per month in interest alone
Post: tapping in to my equity to pay off high interest loans
- Posts 5
- Votes 2
Quote from @Eric Mcginn:
What’s the average rate on the personal debt?
sounds like you have a good rate on your mortgage and refinancing would ruin that.
we need some more numbers, actually a lot more numbers to really tell you.
you are spot on. my Mortgage rate is 2.8% over 30 years.
Post: tapping in to my equity to pay off high interest loans
- Posts 5
- Votes 2
Hi,
i own 590k on my primary residency and its worth bout 1.5mil. Mortgage is $2500 per month, and we take home after taxes 11k per month. credit score around 750 fico
I have about 250k in debt that its keeping me up at night... credit cars, car loans, lending club personal loans etc..
would it be wise to tap in my home equity? HELOC or cashout refinance? very very newbie and scared.
i have a wife and 4 kids im not selling the home