81 yrs Retired but still working as a good will ambassador for a soap company.
Our son living in Kauai needed some finanacing help in purchasing property
there. We borrowed $40.000 on our home with and equity loan. We owed
16.000 at that time .Total owed now $51.000 . Value now on home with the bubble in SF Valley-Just a guess Over $300.000.This transaction took place when interest rates were 3% now they are going to 6%. The reason we borrowed this money was because our son Thanks to his X ran up a credit
bill $8000 that was never paid. Thats about 10 years ago. I am wondering since he has built up a good credit rating now that he could refinance this property.This property has double in value. The only problem is that credit card sitituation is there a time limit on when they write it off? Appreciate
your knowledge on this subject. Best regards Paul & Dot