Consolidating debt buying house
In 2011, 907,138 sales involved foreclosed homes and others in some stage of the process.
Despite these changes, the desire to own a home as both a place to live and a financial asset, makes home-buying a significant aspect of our national economy.
Just a few years later, the economic meltdown exploded the number of mortgage failures and foreclosures.
Short sales — sales of property for less money than is owed — and sales of bank-owned homes soared to 23 percent of the total.
That way you can easily budget with a structured payment plan and an assured pay-off date.
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It is no secret that getting a mortgage is difficult, no matter how bad the economy happens to be.
Getting a real estate agent, searching for a home, finding a lender, securing a mortgage, closing the sale and then insuring the home are all stops along the way. The list can be as long or short as you want to make it.
The article shares that this should always be on top of mind of the consumers when taking out a home equity loan.
Certainly the payments would be lower and consolidating the debts would streamline the payment process, but inability to pay in the future for a secured debt will allow the lender to execute on their lien on the property and take it away from the borrower as payment.
Debt Consolidation USA shares in an article published last June 18, 2014 the advantages and disadvantages of taking out a home equity loan.
The article titled “Is It Wise To Use Your Home To Consolidate Debt?