|
By using the equity in your home all the debts would be paid off and you are left with a clean slate and generally spending less money every month.
For more information please go to: http://www.goldmedalmortgage5.com/california/10/California-Debt-Consolidation-Home-Mortgage-Loan.html
One benefit to a debt consolidation loan that often overlooked is the tax advantage. Interest on a home loan is tax deductible where interest on credit cards and cars are not.
Our office received a call early one morning from a man desperate to save his home and needed foreclosure help. He was already 90 days late on his mortgage and desperately needed to refinance and pull out money to pay off enormous debts.
He had just started a new job where he actually was making less money than before, and was in a real financial bind. His poor credit made it difficult for him to even qualify for a loan, let alone a low interest rate. To make matters worse, the next day he received a notice of default on his property.
This man was worried that his family would have no place to live. He was reassured that we would save his home and help him through this difficult ordeal.
We began immediately researching ways to help this client and found a lender willing to work with him and save his home just in the nick of time. His mortgage payment stayed about the same and he was able to pay off more than $25, 000 in other debts, which alleviated several hundred dollars in credit card payments every month.
More importantly, this man's house was saved and his family was in a much stronger financial position.
“A bank is a place that will lend you money, if you can prove that you don’t need it, ” Bob Hope once quipped. But when you are going through a bad financial spell, you need an institution that will stand by you.
Banks tend to make loans that are risk-free to them. It is hard to imagine that any bank would have helped him in this situation. But as a nationwide mortgage banker we have ongoing relationships with lenders that specialise in different types of loans. This knowledge allowed us to help a client save a family home from certain foreclosure.
Although we have the ability to help in extreme situations such as this, we highly recommend that homeowners take action long before desperation sets in.
For more information please go to: http://www.goldmedalmortgage5.com/california/10/California-Debt-Consolidation-Home-Mortgage-Loan.
|
