“Many Ways to Accomplish Debt Consolidation”

“Many Ways to Accomplish Debt Consolidation”







Hi Joe,

It has been a few years since we have spoken. At the time you handled our home purchase, we need your assistance again. You may recall, we purchased our residence for $440,000 and put $140,000 at the time. We are estimating that the property is now worth nearly $600,000, our current mortgage is down to about $260,000. Our problem is we have about $80,000 in short term debts and are not sure the best direction to go from here. Should we refinance and incorporate our short term debt or take out a second mortgage? Let us know your thoughts.

Jim and Peggy



Even though these clients were high earners, that amount of short-term debt can be a challenge.


Right now, between their current mortgage and their short-term debt they are paying $5250 a month. Truthfully the monthly payment was not an issue for them, but their short-term debt was growing as they were not paying down much principal.


This solution was pretty simple, I am doing a new mortgage for them in the amount of $350,000 amortized over 15 years. Their new monthly payment with taxes and insurance is going to be $3745 and instead of having 22 years remaining on their mortgage they are reducing the term by 7 years and saving about $1500 per month. The added interest deduction certainly helps as none of the credit card interest was deductible.


“Who else do you know that needs my help?”


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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 0 commentsJoe Petrowsky • February 20 2020 04:23PM