I'm sure they will all receive a portion of the pot!
If they could talk to their creditors themselves they could save a lot. They (the creditors) may lower their rate and if they are able to refinance at a bank they would be much better off.
I considered refinancing one time and talked to a credit union..the rate was great and I would have paid my house of 10 years earlier..but when I kept questioning I found out I was going to be paying them $6,000. to do this up front!They didn't think I could do the homework..Idiots..
If the house rate is pretty high it would definately pay to refinance at a lower rate..but make sure they aren't hiding a bunch of outrageous fees in the refi.
Usually a bank is a good way to go.
If their credit is bad they may have a higher interest rate but the way banks figure the interest is better than the way credit companyies do and you end up paying a lot less.
Did you know one place may offer a really low interest rate and another place may have a higher interest rate and yet the higher rate..because of the way they calculate the interst may be less payment a month, less interest..and pay off the principal faster ?.
Be sure you find out how much the payment will be and when it will be paid off.
Also be wary of paying someone else to make the payments..this is a well known scam among insurance agencies and financial advisors..
They collect all their customers money and don't make the payments..it takes a while before it catches up to them ..late notices of course come to them so you know nothing about it..and then next thing you know they are on a permanent vacation ..with your money!
And you get stuck more in debt than you were..
Snoozy...