Owe too much on these? Your mortgage lender may decline to pile a house on top of them. If so, your lender's doing you a favor. If you need to buy a house now, however, read on.
If you've followed the advice we've offered in previous installments in this series, you shouldn't encounter this problem when you apply for a mortgage. But if you do find your mortgage application gets rejected because you have too much outstanding debt, the fix for this is simple:
Pay off as big a chunk of that debt as you can, as quickly as you can.
This is one of the few mortgage problems for which no good "workarounds" exist. And for good reason: your mortgage will instantly become the single biggest debt on your balance sheet the moment you close the sale on your…