Legal Question in Credit and Debt Law in Florida

consolidation or refinace, to pay off debts faster & less money

we have about $25,000 in un- secured debt and would like to know if we should search to get a 2nd mortgage and pay off bills or go through a consolidation service. we have heard negitives about both. we are very behind and have offers from collections to take a less amount to payoff on some credit card companies. we want to get a fresh start and can afford now a payment to get out but which way is better. a 15 year 2nd mortgage or the other way which says we can be debt free in 5 years? they just cut intrest and balance some. thanks walt


Asked on 2/01/02, 7:28 am

2 Answers from Attorneys
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: consolidation or refinace, to pay off debts faster & less money

There is no reason to convert unsecured debt into secured debt. If you do, and you default, you will lose everything. You should consult with competent counsel to determine if you are a candidate for bankruptcy.

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Answered on 2/04/02, 7:21 pm
Anthony Comparetto Comparetto Law Firm

Re: consolidation or refinace, to pay off debts faster & less money

I try never to put my home at risk. If you fall behind on a mortgage say goodbye to your home.

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Answered on 2/01/02, 8:13 am


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