Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Debt Consolidation and Refinancing » Do you have to own a home in order to take out a debt consolidation loan?

Do you have to own a home in order to take out a debt consolidation loan?

I would like to consolidate my debt and have seen information on debt consolidation loans. I do not own a home but am interested in consolidating my debt. What options do I have?

RELATED POSTS:

  1. Loan debt consolidation, What is the best debt consolidation company at the moment? have over 10,000 dollars worth of credit card debt. should I consider consolidating? I can afford the payments no problem,...

  2. Can I get a debt consolidation loan with bad credit? I would like to get a debt consolidation loan for my outstanding debt from closed credit cards, old utility bills,...

  3. What is the lowest credit score I can have to get a student debt consolidation loan? i have a lot of student loan debt and want to consolidate. however, i’m sure that because it is a...

  4. The Best Debt Consolidation Loan best-loans-secured.net For the very best consolidation debt loan information. Debt Managment, Debt Consolidation Loan Rates, Unsecured Loan Rates, Debt...

  5. Will my student loan consolidation loan affect my mortgage pre-approval? I am in the process of consolidating my student loans but I am going to graduate school this summer so...

Written by

Filed under: Debt Consolidation and Refinancing · Tags: , , , , ,

3 Responses to "Do you have to own a home in order to take out a debt consolidation loan?"

  1. lika says:
    Personally I know for a fact that you would have to own a home to qualify for a debt consolidation loan.
  2. VaTreasures says:
    Your best bet is to work with your individual lenders and ask for better terms. If your credit is still good, you might qualify for an intro balance transfer offer. Use this to get rid of your highest interest loans. Make sure you do not use your new credit card for purchases, because your payments will be applied to the balance transfers and the interest charges will build up on your purchases.
  3. Studly says:
    Don’t know what planet lika is from, but you do not need to own a home to get a consolidation loan. She’s confusing it with a home equity loan.

    You can go to a bank or credit union and get a consolidation loan just like a personal loan. It may be difficult if you have poor credit, but it’s done all the time. I did it, a few friends did it, so ignore Lika’s answer.

    Pay attention to VaTreasures’ answer! One of the biggest mistakes people make is to get a consolidation loan (or transfer balances to other cards) is to not control their credit. Too many times people consolidate, then turn around and run their now-empty cards right back up again. Now you are in twice the amount of debt, and end up filing for bankruptcy.

    Many thousands of people were forced into bankruptcy last year for this very reason! Credit Card Transfers and Consolidation loans were being pushed like crazy as a quick and easy way out of debt, but people didn’t see the dangers! You MUST quit using credit until you have paid off your loan.

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player