What's the best way to go about refinancing to pay off debts??

my ex is signing over his half of the house to me. In return I will need to refinance the house to payoff credit card debts that he left me with, not to mention a 28,000 credit line debt.The morgage right now is 7,000.

What%26#039;s the best way to go about refinancing to pay off debts??

If the credit card debt was incurred while you were married, you ARE on the hook for that debt IF, IF IF, the credit account was a JOINT account, or if it was a %26quot;secured%26quot; card even if your name wasnt on the card.

To answer your question, Go to the mortgage holder and tell them what you are doing. It sounds like you have some serious equity in the house.

Have them write you a NEW FIRST mortgage thats does the following..

1. Pays the old mortgage off

2. Pays off AND SHUTS DOWN the line of credit

3. Pays off ALL your credit card debt.

A home mortgage is ALWAYS going to be the LOWEST interest rate of ANY of the debts you mention, so it is smart to roll all that high interest rate debt into your mortgage, AND THEN SHUT DOWN THE CARD ACCOUNTS so the Ex cant get to them to try and back-door you into new debt...

You are thinking along the right track, just follow through and you%26#039;ll be fine.....

EDIT due to further information....... Were these the days when you could file bankruptcy and simply write off credit card, I would agree with the answerer below, but the bankruptcy laws have changed recently....

I say roll the credit card debt into the mortgage, because if she IS affording the payments, the interest accrues at a much lower rate on the mortgage, and if she pays the same amount monthly into her mortgage that she was paying on servicing other debt, the payment will pay MORE PRINCIPAL than keeping the accounts separate, and thus get her out of debt sooner rather than later....

What%26#039;s the best way to go about refinancing to pay off debts??

you should not be liable for the CC debt. see a lawyer.

What%26#039;s the best way to go about refinancing to pay off debts??

OK...this actually sounds like a pretty fair trade, you get the house in exchange for the credit card debt...

Go to your bank and tell them you need to refinance and they can point you in the right direction.

What%26#039;s the best way to go about refinancing to pay off debts??

I do recommend refinancing the house in your name alone to make a clean break. I strongly recommend NOT rolling the credit card debt into the new mortgage.If you can%26#039;t afford the payments as separate debts, you should NOT be converting UNSECURED debt into a claim on your house.

What%26#039;s the best way to go about refinancing to pay off debts??

there are many ways you can do this. The most obvious way is to simply qualify for one new mortgage in your name and credit and have them payoff all of the credit cards at settlement so there is no question by your husband as to where the money went.

I am licensed nationwide with Chase and would be more than happy to get this transaction closed up for you before the end of the month. I just recently did one just like it in Indiana and Arizona. I know how sensitive your situation is and I%26#039;ll take care of you.

www.caseycasperson.com 561-573-2955. Feel free to visit the site and contact me through email on there. I%26#039;m sorry that you recently went through the rough stuff. you%26#039;ll feel much better once this gets cleared up.

What%26#039;s the best way to go about refinancing to pay off debts??

Refinancing would probably help you out, I am a mortgage specialist working with TopDot bank and we can supply you with a quote depending on your situation. If you want more information email me at Ringmessenger18@yahoo.com or visit TopDot.com to see more about the company.