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From: Herbert01 (Rep: 0)Date: 2017-12-14 10:54:44
Forum: Casual Lounge - Thread #673973515Msg #781 - Part 1/2 (Rec: 0)

I would like to know more about the debt consolidation process. My friend wants to consolidate all her debts. It includes a mortgage and some credit card payments. Her credit score is low which is around a 550. So, she doubts whether she is eligible for a consolidation. And I don't have any previous experience to help her.

So, I need your help to get the details at the earliest. Is it possible to consult a new broker for the process? Or is it necessary to consult the one from the mortgage was secured? Your suggestions on brokers would also help her to make the final decision.

In my search, I could find some mortgage brokers in Toronto ( ). But, I haven't heard about them before. So, I will wait for your reply to give her the best advice. Thanks in advance!

NOTE: This message was originally posted on 2017-12-14 03:56:28 by the Herbert01.

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From: StockScrub (Rep: 0) reply to Herbert01Date: 2018-03-28 09:49:11
Forum: Casual Lounge - Thread #673973515Msg #791 - Part 2/2 (Rec: 0)
She only needs to consider redoing her mortgage if she’s looking to take another mortgage out on her debt, providing she has 25% equity in her home (at least it was 75% LTV when I did refinancing documents for branches back in the day)

550 on her score suggests she has a pattern of delinquency and likely has something substantial on her bureau. Possible collection item, or all her accounts are showing something other than R1.

She’s going to need a co-signer to do a debt loan but she should try that first before paying fees to refinance her home IMO

Sent from my IPhone

NOTE: This message was originally posted on 2018-03-28 08:31:05 by the StockScrub.

Reply to Herbert01 - Msg #781 - 12/14/2017 10:54
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