I Used Seven Credit Cards to Pay Off a House. – Ginger

By on February 9, 2010
I Used Seven Credit Cards to Pay Off a House. – Ginger

Ginger

“Dear Steve,

I used 7 credit cards to pay off a house.

How can I make a plan to start repaying my debt

Ginger”

Dear Ginger,

Well that’s a new situation I don’t think I’ve ever had to deal with before.

I’m going to assume that when you say “a house” that it is your house.

The problem here is that the house, now free and clear, is a valuable asset for creditors to go after if you default on your payments and they sue you.

I’m always a firm believer in calling your credit card companies to work out a payment plan you can meet. If you are not behind on your bills, they probably won’t give you the time of day.

In that case, you should probably a debt management company and ask to be put on a debt management plan. That will give you one monthly payment at typically 2% of the the balance when you begin, on a monthly basis.

If you can’t afford that kind of payment then we’ve got some bigger issues to deal with.

I’m curious, what was the motivation to pay off the house using the credit cards? Interesting tactic.

I can see how this could be used in a bad way that possibly would let you pocket the cash from the fair market value sale of the house. The problem would be if you did this within a year or so of filing bankruptcy to discharge the credit card debt and if the creditors challenged the sale of the house to another party as a “fraudulent transfer” or a “fraudulent conveyance”. Could this be a possible fraud loophole that someone would use to scam creditors? Might be.

morehelp1

READ  Man Probably Killed Himself After Falling For Love Scam By Woman Claiming to Be From Nigeria

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s and and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Steve Rhode

Steve Rhode is the Euro-Video and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  1. Welfred

    February 11, 2010 at 7:53 am

    having 7 credit cards for a house is not easy debt. Nice advice, i am reading your article how to get out from a debt. It might be useful in the future. thanks
    .-= Welfred´s last blog .. =-.

Share a Comment / Leave a Reply

http://farm-pump-ua.com

kendra sunderland torrent

www.adulttorrent.org
%d bloggers like this: