badgirl asked:
BadGirl has an idea. What if I dump all of my student loans into a refinance and/or home equity (on property I own, but need to unload), and then I decide to bail on that property. It will take me a good 20 years to pay off my large student loan, but how long will it take to recoup my credit rating if I do this? BadGirl thinks it will take longer to pay off the student loan, than rebuild a bad credit rating (and get rid of the student loan debt for good).
Comments/suggestions?
BadGirl was not considering a bankruptcy, just giving the property back to the lender and dealing with the rest. You are right about the fact that I should be smarter, but I actually make about $40K less than I did before I became a teacher, and have more college debt because of it. I was thinking about refinancing with the same shitty company that talked me into the interest only rate to begin with-I thought maybe I could give them some of their “interest” back.
ZACHERY
BadGirl has an idea. What if I dump all of my student loans into a refinance and/or home equity (on property I own, but need to unload), and then I decide to bail on that property. It will take me a good 20 years to pay off my large student loan, but how long will it take to recoup my credit rating if I do this? BadGirl thinks it will take longer to pay off the student loan, than rebuild a bad credit rating (and get rid of the student loan debt for good).
Comments/suggestions?
BadGirl was not considering a bankruptcy, just giving the property back to the lender and dealing with the rest. You are right about the fact that I should be smarter, but I actually make about $40K less than I did before I became a teacher, and have more college debt because of it. I was thinking about refinancing with the same shitty company that talked me into the interest only rate to begin with-I thought maybe I could give them some of their “interest” back.
ZACHERY
NEAL
7 years
BARTON
At least 7 years and maybe as long as 10 years.. Not a good idea. Check with a credit counselor for bettr options.
ARTURO
In your next lifetime.
DAMIAN
honestly it sounds to me like you need to speak with a financial advisor on how to file for bankruptcy.
MICKEY
it will take a long time, and do big damage to your credit, it will be almost inpossible to do anything, unless you buy a POS car from jd byrider.
DERICK
well i guess you could delclaire bankruptcy but then, you will have bad credit for 7 years after that and then i think you can move on. but I would not chance it cause i am not totally sure, laws may have changed. just try and pay them off if you can. thats your best bet.
WARD
Forget about bad credit, what you are thinking of doing is actually fruad. Don’t do it. To take out a loan with the specific intention of not repaying is fraud.
REID
Bad idea! That will be on your record for years. You might need a loan again someday and you’ll probably not get it. You shouldn’t, that’s for sure. You entered into a contract that if you were loaned the money, you would pay it back. Now you want to default? After all that education, you still aren’t very smart are you.
MONROE
It takes forever to repair credit damage from a mortgage loan. As a credit analyzer, we also say that if you can’t pay any of your bills, always at least pay your mortgage. It can really hurt you in the future, these things are only supposed to stay on your credit for a set period of time, but that is rarely updated. You may never be able to finance anything again or even get approved for services with satellite companies, cell phone companies, and others who will run your credit. Have you checked into this to be sure that anyone would even let you do this? The best think is to speak to the company that holds your loan or to a debt counselor to either put your loan on hold, lower the monthly payment, or increase it to pay it off sooner.
HEATH
a lifetime man depend how much you owe if its 30,000 hire yourself a lawyer and tell him how much you owe dont worry your just asking for legal advice it dont cost. and him or her will talk to the people you owe to lower it down so you wont have to owe them so much later on. email one day in tell me how it work at if you need a lawyer you didnt know i was one did you.
LUCAS
I’ve never thought of that before. I have a gigantic student loan too, but dumping my home would cost me more, so I’m out of luck.
I think it would take 7 years to clear a bankruptcy, but didn’t they toughen the laws on bankruptcy just last year?
ADRIAN
You have to options..1 consolidate the debt into the mortgage and make the payments that way..or if u stop making payments on your home loan…your house will be foreclosed on and it will take years upon years to reestablidh credit. All lenders frown upon forclosures and mortgage lasts. and it will become very hard for u to get another loan on another home once this one forcloses…also all negative debt such as last on student loans and credit cards will report for 7 years and forclosure 10 years.