2nd Mortgages

iVillage Member
Registered: 04-27-2004
2nd Mortgages
5
Tue, 10-19-2004 - 7:38pm
I'm in the process of getting a second mortgage to consolidate three debts and I'm trying to anticipate any pitfalls/setbacks that are going to come up.

So far I've figured out that my overall debt will go up by $650.00, a price I'm willing to pay to get into a less stressful situation, give myself a bit breathing room in case an emergency does come up (I will be without any credit cards once the papers are signed) and to get the lower interest rates.

I also know I'll be responisble for some leftover interest, which in the past I've always called the cards and said "I paid the balance in full could you please credit that last bit of interest" which they have always either done or met me halfway. But to be on the safe side I've budgeted for what the full interest amounts would be just in case.

I've also found out when my first payment is due and have adjusted my debt worksheets accordingly. Is there anything else I am missing here?

Thanks!

Tamara




Edited 10/19/2004 7:40 pm ET ET by hrhtamara

iVillage Member
Registered: 04-27-2004
In reply to: hrhtamara
Wed, 10-20-2004 - 11:44am
~ bump ~ just in case anyone has some input for me ;)
iVillage Member
Registered: 03-27-2003
In reply to: hrhtamara
Wed, 10-20-2004 - 1:05pm
I have no experience in this arena, but it sounds like you've got your ducks in a row. Just be careful not to let those zero-balance ccs lure you into debting again.

Thanks for the tip on calling about the leftover interest. I've always just paid it--it never occurred to me to call and ask that it be waived. I did, however, recently discover one of the benefits of having good credit (repaired over the years from really crummy credit a few years ago)--when I paid a cc a couple days late (an oversight) and they bumped my zero percent interest up to fourteen percent and charged me a late fee, I called and protested--and they waived it all! I guess they know I can just transfer balances over to other cards now, so they'd rather have me in debt, even if it is free for me for now.

Anyway, sounds like you're on the right track. Wish I had more to offer.

Blessings,

Heather

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
In reply to: hrhtamara
Wed, 10-20-2004 - 1:14pm

Hi Tamara,


I've not ever done this, so I'm not sure what sorts of issues you may run into.

All my best,
Danni

iVillage Member
Registered: 04-27-2004
In reply to: hrhtamara
Wed, 10-20-2004 - 1:21pm
Oh, I'm sorry Danni, I didn't know I couldn't post specific questions here. I'll ask at the other board.

Thank you,

Tamara

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
In reply to: hrhtamara
Wed, 10-20-2004 - 1:41pm
Hey Tamara - it's not a "can't" - it's just that you may get a bigger response there.

All my best,
Danni