By STEVE BUCCI, bankrate.com
Debtadviser: Mortgage modification may affect credit
Dear Debt Adviser,
I have a question in regard to debt. My wife and I are currently in the process of modifying our mortgage. However, as soon as we started the modification process, our credit card limit was reduced significantly. Will a mortgage modification affect our credit? If so, for how many years?
-- Jes
Dear Jes,
Debtadviser: Three truths about debt settlement
Dear Debt Adviser,
I take home $9,000 per month, but pay $2,500 to my credit cards. I can't continue to pay my credit-card bills. I am thinking I might stop paying and try to settle. Will it hurt me that I have gainful employment?
-- Dan
Dear Dan,
Debtadviser: Pay debt off to keep your credit good
Dear Debt Adviser,
If collection agencies are calling me and I settle with them on an agreed price and terms, can the original party that I owed the debt to come after me? Or once settled, is that debt no longer "alive"?
-- Harvey
Dear Harvey,
Debtadviser: Check credit report before refinancing
Dear Debt Adviser,
Currently we owe $211,000 on our home and it is worth about $167,000 to $175,000. We have an interest-only loan and want to get out from under that before a higher interest rate and inflation hit. We have a credit score in the high 600s. Any thoughts?
-- Walt
Dear Walt,


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