My father in law lent us 60,000.00 Can we consolid

My father in law lent us 60,000.00 Can we consolidate this debt if his house was used to get approved?

2 Answers

He took out a Heloc for you??  Or was this a cosign???

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

I guess your father in law used the property as a collateral in order to give you the loan. If the property has been used as a collateral, then it will be considered as a secured debt. Secured debts can't be consolidated. If the lender does not receive the payments on time, then he will foreclose the property. Your father in law can apply for a loan modification in order to get a better payment plan to pay off the debts. You can pay your father in law as per that plan so that he can make the required payments to the lender.


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