Our home planning centers:
|Once you have found and are ready to close on your home equity line of credit account,
have your lender (or you can do it yourself) payoff your existing outstanding debts.
The income used to pay the monthly debt payments will now become discretionary income for the BLOC program.
|Do Not Payoff:
mortgage loan debt:
student loan debt:
|Keep Yourself Out of Debt
Now that you have consolidated your debt payments, don't' take the extra income and get yourself back into debt. This defeats the BLOC program.
The money "saved" from paying your monthly debt payments will now be used to budget discretionary income to pay down the home equity line account and your mortgage loan balance.