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re: Questions about putting house notes and downpayments on credit card, etc

Posted on 2/1/13 at 1:23 pm to
Posted by hen
past the point of no return
Member since Sep 2007
1751 posts
Posted on 2/1/13 at 1:23 pm to
quote:

Correct. You can't pay debt with debt.


Or: You can't pay secured debt with unsecured debt.
Posted by foshizzle
Washington DC metro
Member since Mar 2008
40599 posts
Posted on 2/1/13 at 1:37 pm to
quote:

You can't pay secured debt with unsecured debt.


Sure you can, if the contract allows it. It's just that mortgage contracts don't.

And there's absolutely nothing stopping you from taking a cash advance on a credit card to put money in your checking account, and using that to pay the secured debt. May not be smart, but it's possible.
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