Debt Consolidation Loan even with Bad Credit.
(PRWEB) -- Many people contact us when they are 30, 60 and
90 days in their mortgage payments. If they are this late
with their house payment they are generally behind with the
car and have several credits cards that are maxed out. A simple
debt consolidation loan would take of all these troubles.
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.
A debt consolidatoin refinance can have the most dramatic
effect on a borrowers credit scores as well as their overall
financial picture. By using equity to pay off credit cards,
collections and car loans, we have seen the borrower’s
overall monthly payments decrease by literally thousands of
dollars over time!
Borrowers can now put more of each pay check back in their
pocket instead of paying it to creditors. In addition, derogatory
accounts and accounts with high balances (in proportion to
the credit limits) will now be paid off. This will have an
immediate positive effect on the borrower’s credit scores.
Another 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 , 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.
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.
A simple and easy debt consolidation loan for those with
bad credit can save money immediately. Act now if you are
30, 60, or even 90 days behind on mortgage payments to avoid
or stop foreclosure.
For more information:
http://www.goldmedalmortgage.com/Debt_Consolidation_Loans
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