Posted by DebraOro/CA on 8/21/13 11:06am
Msg #481377

It's really pretty sad.....

We can't blame just the rising interest rates for what seems like the brakes are being put on again. So many people have been depending on Credit Cards to "just get by" for the past couple years, they are not qualifying for the refinance options that are out there.
Before being laid off two weeks ago from my "in house escrow" job at a major title company, most of the refinance escrows I was closing had just an unbelievable amount of credit card "payoff and close" checks going out.
Many of us just don't have the equity in our homes to out weigh the credit card debt and be able to consolidate, and start pulling ourselves out of the hole we are in.
With all of the cancellations of escrows from UN-qualifying applicants, it cost me my 3rd job in 6 months!
Just my opinion......

Reply by anotaryinva on 8/21/13 8:01pm
Msg #481492

So sad. I had one couple years ago, probably 2008 refi-ing and their debt was being paid off with the new loan. The wife said to the husband, see, now we don't owe anyone. I was sad. Yes they didn't owe anyone anymore but they risked their house and increased their loan and yrs., I bet they went out and ran those clean cc back up.