Debt consolidation mortgage loans guide to non profit debt consolidation programs and christian debt consolidation programs. Your alternative sources for the best debt consolidation programs.
Consolidation mortgage loans second or third mortgages, trust deeds, home equity loans or military debt consolidation loans are important sources of alternative borrowing. Rising real estate prices have dramatically increased the amount of equity available in homes.
Because these loans are secured with your home, lenders are able to offer lower interest rates than on unsecured loans.
Refinancing your current home mortgage. If current mortgage rates are below the rate you are now paying take advantage of the lower monthly mortgage payment enough to cover your outstanding debts.
Borrow against pension plans. This may be an excellent source of capital, as many pension plans are legally permitted to lend money to members. This is usually an unsecured type of loan and must be repaid within five years.
Return an item. If you can, return an item to the original creditor, for example a dishwasher or refrigerator. If you choose to return such an item to be sure to obtain a release from the dealer.
Otherwise, you may be liable for the difference between your loan amount and the amount the dealer realizes from the sale of the item. This is known as a deficiency judgment.
Sell asset to raise money. Borrowing is only one way to raise money. Carefully examine the items you own, but be realistic about the value of the property. An item that you no longer use or can’t afford is a candidate for this sale.
Choose to sell items such as art, electronics and collections that have a high resale value compared to their retail price.
There are many ways to sell assets for cash. Begin by advertising in local newspapers or classified listings. Possibly a yard or garage sale?
Apply the proceeds from such sales toward the debts, not towards your living expenses.
Borrow against your assets. You can borrow against your assets at a pawnshop. Do you have jewelry, electronics, mink coats, musical instruments, photography equipment, a coin collection, or anything else of value?
A pawnshop will lend you a percentage of the item’s resale value and they give you several months to repay the loan before they sell the property.
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