I need to find a loan company in alabama that woul

I need to find a loan company in alabama that would consolidate my debt using our home for collateral. Our home is paid for.

2 Answers

You have to take out a home equity loan in order to use the proceeds in repaying your unsecured debt. This is only possible when you have enough equity in your home. However, make timely payments on your home equity loan so that you don't lose your home to foreclosure.

Hi Karen,

You should contact the Alabama based mortgage lenders and apply for a home loan using the property as a collateral. If you meet the required criteria of the lender and have the required credit score and income, then you will be able to qualify for a mortgage. However, you should note that if you take out a mortgage to pay off your unsecured debts, you will be actually substituting the unsecured debts with a secured debt. In case, you can't pay off the mortgage, your house will be foreclosed by the lender.

Take care.

As I'm not a lawyer, I believe that "A lean compromise is better than a fat lawsuit". :)

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