Here is a Method That is Helping Broke Homeowners Out of Debt
Mortgage Rescue is a process to reduce consumer debt without filing consumer proposal or credit counseling, most commonly utilizing proceeds of a mortgage to pay the creditors in a lump sum allowing for immediate credit repair to begin.
Based on historical data, debt settlement actually recovers more money for the creditors than traditional collections, without any adverse effects on the credit bureau. Debt settlement gets consumers back into the lending market quickly
Who can benefit?
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Anyone with collections, judgments, write-offs, liens, writs or garnishments and having a lump sum of money or equity in their home.
Example – client wants to obtain a second mortgage in order to consolidate bad debts.
Their situation – Appraised value of their home is $480,000 and the existing 1st mortgage is $335,000. Total debt to be consolidated is $70,000.
A debt consolidation lawyer reduces the $70,000 to $45,000 including fees and provides settlement agreement letters to the mortgage agent. The Loan to Value requirement is now within the acceptable range for the second mortgage. As well, the client’s credit score begins to rise within 30 days and at the end of the mortgage term they are in a very good position to refinance.
Debt settlement is the single most beneficial solution for debt laden consumers with access to a lump sum of cash. Debt settlement is not for everyone and has certain criteria to make it work. A free consultation should be the first step for a home owning consumer. This is because if implemented properly, the debt settlement strategy can save a substantial amount of money with no adverse effect to the credit bureau; provided that the accounts in question are already past due.
