Don’Äôt Put Your Debt in Your House

Debt Consolidation

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’Äôm 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’Äôs home should be their last stand. Like Custer he didn’Äôt have any other choices but to fight to the death. But you don’Äôt 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’Äôll be surprised what they will to do to get some of their money and then let you off the hook. So don’Äôt and I repeat mortgage your debt by putting up your house for collateral. That’Äôs 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’Äôt 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’Äôt give up your ability to have a place to lay your head. Its important and you’Äôll find that out if you lose your house. So be smart and hold on.


Don L. Terrill

photo by netan