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One of the advantages of this debt relief program is that you don’t need perfect credit.
In fact your credit score doesn’t matter at all, everyone is accepted.
However, these loans will require good credit history, usually at least a 660 FICO score or higher is required.
If you have bad credit this may not be an option for you.
However, instead of having two mortgage payments with two lenders. A lender will refinance your primary mortgage plus give you up to 80% of the value of your home in cash.
One of the great benefits of a cash out refinance is that the credit requirements are lower than home equity loans.
A debt management plan, or DMP, is offered by credit card debt consolidation companies. What happens in a DMP is your cards will all be closed.
The company you choose to work with will negotiate your interest rate down and set up a repayment plan. You will pay one fixed monthly payment to the consolidation company that is then dispersed to your creditors, minus their fees.
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If you have low average to bad credit (below 660 credit score) you may still qualify for a debt consolidation loan but the interest rate will be high.