I have to kill this loan. But HOW?

[SagaLore]

I have a home equity loan of $34k, at 8.14%. I think this is a 12 year loan.

I'm trying to refinance this but so far no good.

I just want to be rid of it. I'd also like to consolidate a high interest high balance credit card into a new loan.

Anybody find any lenders that will do this? Maybe some options I haven't considered?

 

[SunSamurai]

Rob a bank

 

[JD50]

Start a car company or bank and then ask for a bailout.

 

[Leros]

Steel knees

 

[bctbct]

Steel lips

fixed

 

[mshan]

Credit markets still appear tight right now.

Might have to wait till next spring / summer and hope economy has avoided a double dip recession and is growing slow but steady, and also strong evidence that housing market has bottomed nationally (John Burns Realty Consulting was previous projecting this to occur next summer).

At that point, banks might be able to more definitively quantity their losses from the housing crash, and hopefully be more eager to actually lend at that point.

 

[BarneyFife]

Credit markets still appear tight right now.

Might have to wait till next spring / summer and hope economy has avoided a double dip recession and is growing slow but steady, and also strong evidence that housing market has bottomed nationally (John Burns Realty Consulting was previous projecting this to occur next summer).

Saw a report that foreclosures are at their highest ever. Don't think anything is going to bottom out next summer.

 

[Newbian]

When in doubt kill a kitten.

 

[dawp]

file for bankruptcy

 

[oiprocs]

Man, I'm thankful to have student loans rather than a mortgage.

 

[IronWing]

Do you have a 401K? If so, can you take out loans from it and are there sufficient funds to cover the line of credit you want to refi? If so, is your job secure, really secure? If you were able to refi via a 401K loan would you end up in the same boat a couple years down the road due to spending habits or anticipated hardships such as medical conditions? Note: I know nothing of your financial situation and I'm not making any judgments about you in asking this, but it is something for you to consider before tapping a 401K.

 

[Capt Caveman]

Man, I'm thankful to have student loans rather than a mortgage.

 

[Mundos]

there's no easy fix...get another job...or invent something genius, or break the law.

 

[AnonymouseUser]

Man, I'm thankful to have student loans rather than a mortgage.

If those student loans work out for you then you'll eventually have both student loans and a mortgage.

 

[AlienCraft]

Matches and a few oily rags?

 

[IEC]

Vegas, baby.

 

[Colt45]

Make a new person.

 

[FelixDeCat]

Declare a jihad against the loan. I've done it before against my Chase card when they jacked my rate from 8% to an effective 30% rate several years ago on a $7500 balance. I curtailed all spending, didn't eat out (unless it was the dollar menu), skipped vacations, didnt upgrade my electronics, cut other card prepayments and directed all extra and available cash to this POS. It was PIF within a year. I suggest you do the same if you can.

 

[Sea Moose]

Fire makes the bad things go away

 

[CPA]

The only type of loan you can get to roll a secured credit line (home equity loan) into is another secured credit line. And you do NOT want to roll your high interest credit card into. Just focus on the high interest credit card and get it paid off. Declare the jihad on the cc like Felix did, then focus on the equity loan.

 

[alm99]

there's no easy fix...get another job...or invent something genius, or break the law.

This.

A second or third job is the only way unless you declare bankruptcy. Then your credit is borked for a long time. Easy credit days are gone for now and maybe forever.

You could donate plasma, sell your stuff, donate swimmers, uh....that's all I have at the moment.

 

[Red Squirrel]

Take out a loan.

Oh, wait. nm.

 

[ViviTheMage]

Declare a jihad against the loan. I've done it before against my Chase card when they jacked my rate from 8% to an effective 30% rate several years ago on a $7500 balance. I curtailed all spending, didn't eat out (unless it was the dollar menu), skipped vacations, didnt upgrade my electronics, cut other card prepayments and directed all extra and available cash to this POS. It was PIF within a year. I suggest you do the same if you can.

this is all you can do. do it!

 

[Scouzer]

encourage your dishonorable loan to perform seppuku

 

[PingSpike]

Man, I'm thankful to have student loans rather than a mortgage.

Why? At least he could sell the house or go bankrupt.