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Mortgage Debt Elimination : What You Must Know!

Jul 22, 2008
With the rise of consumer debt, an attractive mortgage option is the debt consolidation mortgage loan. With this loan buyers with significant consumer or personal debt can consolidate this debt into their mortgage loan. These loans offer the opportunity to gain control over your debt without resorting to a consolidation service whose aid can negatively impact your overall credit score.

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.

Additionally, the debt consolidation mortgage loan is usually at or near mortgage loan interest rates, which is significantly lower than credit card rates and personal loan rates.

The interest paid on the debt consolidation mortgage loan may be tax deductible. As long as the total loan, principle mortgage and your consolidated amount, is not greater than 100% of your home value, the interest on that debt is tax deductible.

Other lenders may agree to change the terms of the mortgage by extending the repayment period to reduce the monthly debt. Ask whether additional fees would be assessed for these changes, and calculate how much they total in the long term.

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.

Other lenders may agree to change the terms of the mortgage by extending the repayment period to reduce the monthly debt. Ask whether additional fees would be assessed for these changes, and calculate how much they total in the long term.

If you and your lender cannot work out a plan, contact a housing counseling agency. Some agencies limit their counseling services to homeowners with FHA mortgages, but many offer free mortgage debt advice to any homeowner who's having trouble making mortgage payments.
About the Author
Learn about consolidation debt elimination 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 .
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