We have terrible credit and would like to pay off all of our debt and start fresh. We own our home and have probably about $40,000 in equity. We’d like to refi the house, take the equity out and pay off our debt – it’s the only option we can think of besides declaring bankruptcy. But honestly with bad credit I don;t know that this is even an option for us, and if it is, I don’t even know where to start.
Is it a good idea, and if so, where can we look for a refi that will loan to people with really bad credit?
If it’s not a good idea, is bankruptcy our only other option? We live paycheck to paycheck right now and don’t have any other way of paying off the debt.
Thanks!
To the answerer telling me to “grow up” — please don’t judge. We are trying to grow up and get out of debt the best way we can. We have a ten-month old baby to consider and want to do what is best for all of us. We have made some bad choices in the past and have learned some lessons the hard way – we accept full responsibility for our past decisions and we’re doing the best we can. I just need helpful guidance – not tacky comments to make me feel even worse about the situation!!
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