Consolidating 401k loans
Option 3: A combination of paying off your student loans and saving for retirement at the same time.
The IRS provides a grace period before a loan will be declared in default, but ultimately it will depend on the specifics of your loan.In the case of the death of a lender, debt cancelled in the lender’s will does not count as income.In response to the mortgage crisis of 2007-2008, Congress also exempted up to million in mortgage debt in the advent of foreclosure."I would only suggest this as a last-gasp strategy," says Susan Reynolds, author of "One-Income Household." "In general, rolling credit card debt into mortgage loans is not a good idea. If you renege, they can pester you for payment and ding your credit report, but they cannot confiscate your home." Todd Huettner, president of Huettner Capital, a mortgage brokerage specializing in debt consolidation, advises homeowners to answer three questions before rolling debt into a home loan: After working with nearly 5,000 families, Susan White of Plan Plus Inc.You will pay significantly more in interest over the life of the homeowner's loan than you would if you chipped away at your credit card debt over a period of three to five years. has her own reasons for advising against rolling debt into home loans.