Your see on tv ads all the time where companies that would like to help you consolidate your debt by taking out a mortgage on your house. Now I’m no expert but this sounds like a bad idea to me. If you do this and then someday you cant pay your debt they will confiscate your house and satisfy the debt you owe them.
You Have Other Choices
I have always felt that a person’s home should be their last stand. Like Custer he didn’t have any other choices but to fight to the death. But you don’t have to consolidate your debt and use your house to do it.
Call Your Creditors
Solving your debt situation you would be better served to call all your creditors and explain your situation to them. You’ll be surprised what they will to do to get some of their money and then let you off the hook. So don’t and I repeat mortgage your debt by putting up your house for collateral. That’s self-serving for the mortgage company and not you.
Glad to Get What they Can
Most companies will settle for what they can get and then just consider themselves lucky for what they could get. When people go belly up and don’t have anything companies have no recourse but to call it a loss and write it off.
So Don't Mortgage Your Home
So be smart and don’t give up your ability to have a place to lay your head. Its important and you’ll find that out if you lose your house. So be smart and hold on.
This article was written by my late Father. We were working on this retirement site together before he was hit by a drunk driver and later died of his injuries.
Life, money, health, etc
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