Student Loan Question...wouldn't this idea work?

[Greenman]

So says they expert that can not pay his bills and is unaware that Federal student loans can not be discharged via BK

Best to keep your "expert financial advise" to your own troll threads.
Credit weltching is right up your ally though :thumbsdown:

He's suggesting paying the student loans with a home loan, then skipping on the home loan. I won't even bother commenting on how I feel about the idea, it wouldn't matter to SE anyway.

 

[Corporate Thug]

He's suggesting paying the student loans with a home loan, then skipping on the home loan. I won't even bother commenting on how I feel about the idea, it wouldn't matter to SE anyway.

I wouldn't do it but it really isn't much worse than "strategic defaults."

 

[alkemyst]

In a bankruptcy if they see you recently paid off school loans with a home loan only to immediately default on it they can block that loan as being part of your bankruptcy.

While everyone is so focused on this class warfare bullshit, one of the major things the lower class did to fuck themselves was voting to make bankruptcy tougher.

Without a private business qualifying for a full bankruptcy is normally impossible without it being much worst than just paying things....

In the lesser bankruptcy usually the repayment schedule works out the same as if you just toughed it out yourself.

I had about $80k in debt on about a $40k salary...it was going ok until my mortgage company fucked up my credit and all my CC's went to their default rates. I had ultra low interest rates (like 6-7&#37😉 so I was able to tough it out...after that just the interest payment was more than I was paying each month.

Fortunately I was able to find better jobs / get promotions quickly and knocked that shit out. I met with an attorney that was also a family friend trying to work it out in my best interests and the results would have not been worth taking the 7 year hit and the repayment plan would have had me struggling based on that current income for 5 years.

Most people can repay their debts in 5 years if they were forced to sacrifice everything.

 

[VinylxScratches]

That'll work until you spend the money on blow and hookers.

*hookers and blow

 

[BagOfWalnuts]

*hookers and blow

QFT.


Thank you very much for your help guys/gals, I appreciate it.

 

[Corporate Thug]

In a bankruptcy if they see you recently paid off school loans with a home loan only to immediately default on it they can block that loan as being part of your bankruptcy.

While everyone is so focused on this class warfare bullshit, one of the major things the lower class did to fuck themselves was voting to make bankruptcy tougher.

Without a private business qualifying for a full bankruptcy is normally impossible without it being much worst than just paying things....

In the lesser bankruptcy usually the repayment schedule works out the same as if you just toughed it out yourself.

I had about $80k in debt on about a $40k salary...it was going ok until my mortgage company fucked up my credit and all my CC's went to their default rates. I had ultra low interest rates (like 6-7%) so I was able to tough it out...after that just the interest payment was more than I was paying each month.

Fortunately I was able to find better jobs / get promotions quickly and knocked that shit out. I met with an attorney that was also a family friend trying to work it out in my best interests and the results would have not been worth taking the 7 year hit and the repayment plan would have had me struggling based on that current income for 5 years.

Most people can repay their debts in 5 years if they were forced to sacrifice everything.

You would have to let some time pass...it's not that complicated. I know a few people who did it.

 

[ShawnD1]

I had about $80k in debt on about a $40k salary...it was going ok until my mortgage company fucked up my credit and all my CC's went to their default rates. I had ultra low interest rates (like 6-7%) so I was able to tough it out...after that just the interest payment was more than I was paying each month.

I think the lesson is that everyone should have a line of credit at the bank. In one of those tough situations where not all bills can be paid in full on time, the line of credit is where you're borrowing from and it pays off those credit cards you use on a daily basis. I'm really surprised how much credit my gf was able to get and the interest rates are maybe 1/4 that of a credit card.