Mortgage Debt Elimination shows that most home loan debts will be secured. Secured debts usually are tied to an asset, like your house for a mortgage. If you stop making payments, lenders can foreclose on your house.
Unsecured debts are not tied to any asset, and include most credit card debt, bills for medical care, signature loans, and debts for other types of services.
If you fall behind on your mortgage, you must contact your lender immediately to avoid foreclosure, dont wait 2 or 3 months. Most lenders are willing to work with you if they believe you're acting in good faith and the situation is temporary, please tell the truth.
Some lenders may reduce or suspend your payments for a short time, mortgage debt elimination shows you that when you resume regular payments, you will only have to pay an small additional amount toward the past due total.
A final advantage is that the debt consolidation mortgage loan can help your credit score by reducing the amount of your revolving credit debt. If you have an existing mortgage and would like to consolidate your debt, this is primarily done by taking a home equity loan.
This is a loan against the equity acquired on your existing home and is offered at mortgage loan interest rates. However, the option exists for you to refinance your mortgage. Ask your lender or seek a new lender that provides the debt consolidation service.
Call the local office of the Department of Housing and Urban Development or the housing authority in your state, city, or county for help in finding a legitimate housing counseling agency near you.
If you were to purchase a $150,000 home with a $120,000 mortgage (80%), and you paid an interest rate of 9% for 30 years, you will have paid over $227,500 just in interest (in addition to the original $120,000). That's nearly two times the cost of the home! Without mortgage debt elimination, you can pay-off your home, credit cards, car loans and other debts the slow, old-fashioned way and maybe end up with a few thousand dollars saved for your retirement years...or you can stop living Pay-Check to Pay-Check. Starting Today!
About the Author:
Learn about Debt Elimination Program and get a Free report on Debt Elimination Strategies by visiting http://eliminate-debt-now.info, a popular website that provides free advice on how to eliminate debt.
No comments:
Post a Comment