Titan Consulting
SEPTEMBER 2, 2020
Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. The main strategy in any debt consolidation strategy involves replacing one debt with another debt, usually with a lower interest rate or monthly payment.
Debt Guru
JULY 19, 2020
The difference is that unsecured debts are not backed by collateral. You might be tempted to use your substantial home equity to consolidate debt. Because your home’s equity is backing the loan, you could face foreclosure if something catastrophic prevents you from affording the payments in the future.
Credit Corp
JULY 26, 2021
If beneficiaries can’t or won’t assume the loan, they can sell the property to settle the debt instead. If your loved one doesn’t have any beneficiaries listed on their will when they die, their mortgaged property may go into foreclosure. At that point, their bank will sell the property to recover the mortgage debt.
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