Resolved Question: Is it better to get a home loan thru home equity line loan?

Right now I have $150K of available credit through a variety of sources. My good credit score is about to be trashed because I can't afford my mortgage reset after 5 years and there is negative equity in my home so I can't refinance. Since my credit score will be destroyed can I cash out the $150K since the damage is already done? How long will it take for the debt to be discharged from my record? If I keep the cash in a box and don't declare bankruptcy to say that I don't have the cash, what is the worst that can happen to me?

Voting Question: Is there any law that says you can't cash out all your lines of credit+cards and then save the cash in a box?

Right now I have $150K of available credit through a variety of sources. My good credit score is about to be trashed because I can't afford my mortgage reset after 5 years and there is negative equity in my home so I can't refinance. Since my credit score will be destroyed can I cash out the $150K since the damage is already done? How long will it take for the debt to be discharged from my record? If I keep the cash in a box and don't declare bankruptcy to say that I don't have the cash, what is the worst that can happen to me?

Resolved Question: How can I find the best interest rates for a home equity credit line?

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Resolved Question: Is it better to get a home loan thru home equity line loan?

I am thinking of refinancing and Chase Bank is ready to give a 10 yr 170k home equity loan. Is this a better than my existing home mortgage loan. Is there anyone who has suggestions for this.

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