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Mortgage Refinance Loans for Bill Consolidation |  |
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Refinancing with mortgage loans with bill consolidation and adjustable rate refinance for is recommended for homeowners to save money quickly without changing the buying patterns. Second Mortgage Outlet provides second mortgages for bill consolidation with lower monthly payments for debt reduction. With second mortgage interest rates on the decline again, home equity loans for bill consolidation have become a popular alternative to bankruptcy. Fixed rate consolidation for refinancing ARM's will allow you to pay off your adjustable rate HELOC saving more money because you'll pay so much less in interest over the long haul. Consolidating revolving credit card debt through secured debt consolidation will not only lower monthly payments, but may also increase your credit scores.
Secured debt consolidation offers more tax deductibility than non-mortgage consumer debts. And, it's easy to find a second mortgage lender that works with prime and sub-prime credit. For those with little equity in their homes, debt consolidation under a 125% LTV (loan-to-value) home equity loan, also known as a 125 second mortgage, can save them money in interest rates, especially if they're paying universal default rates. In its credit card study last year, Consumer Affairs found default rates as high as 35% (Merrick Bank). Runners-up for the highest default rates are Citibank and Providian at 29.99%.
What if I've already filed for bankruptcy? With the new bankruptcy laws in effect, and the court deciding on which Chapter under which people can file, there are more Chapter 13 filings than Chapter 7. Because the debt repayment plan is now based on Internal Revenue (IRS) standards, the repayment plan can get to the point where filers can't afford them. But, under the new laws, conversion to a Chapter 7 may be difficult to outright impossible. If you are struggling with your Chapter 13 payment plan, there are several Chapter 13 "bailout" programs that various lenders offer, with mortgage lending being the most popular. If you have substantial equity in your home you could get a second mortgage for buying out a Chapter 13 Bankruptcy. The Chapter 13 buyout is a sub-prime loan that the borrower uses to pay off the balance of the Chapter 13 payment plan early. The loan-to-value (LTV) ratio on these programs is usually limited to 70-75 percent loan to value depending on mortgage history and credit score, but can go as high as 90 percent, depending on credit score and mortgage payment history. Other Financial Considerations A Chapter 13 bankruptcy stays on your credit reports for 7 years AFTER the 3- to 5-year repayment plan. Thus, it can remain for as long as or even longer than a Chapter 7, which stays on your reports for 10 years. But, if you pay it off early with a Chapter 13 buyout, it won't stay on your reports for as long, which will put you on the road to financial recovery sooner. Second Mortgage Outlet provides 125% second mortgages with funds to use for consolidating bills and refinancing adjustable rate debts. We offer 2nd mortgages that provide debt relief and lower monthly payments. If you would like to fund home improvements, college tuition, then give Second Mortgage Outlet a call or apply online to get a loan started immediately.
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