In refinancing a balloon land loan, would a bank look more favorably on outstanding credit card debt or a bankruptcy?
As a lender, bankruptcy means you couldn't afford your debts and you used a legal maneuver to not pay some and amend the repayment terms on other debts. Credit card debt is just debt, so long as it is within reason. Either could disqualify an applicant. Bankruptcy would do so faster, if that is the question.
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As a lender, bankruptcy means you couldn't afford your debts and you used a legal maneuver to not pay some and amend the repayment terms on other debts. Credit card debt is just debt, so long as it is within reason. Either could disqualify an applicant. Bankruptcy would do so faster, if that is the question.
