• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

National Debt Relief

National Debt Relief - A+ BBB Accredited Business - Get Relief From Credit Card Debt, Medical Bills And Unsecured Loans

Talk to a debt counselor toll free:

800-300-9550

Get Relief From Credit Card Debt

Medical Bills and Unsecured Loans

  • Apply Now
    • Qualifications
    • Is This Right For Me?
  • Proven Results
    • Debt Relief Benefits
    • Credit Card Debt Relief
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Login
HomeBlog Debt ConsolidationSecond Mortgage Debt Consolidation Loans For All Credit Types
Video Transcript

Free Debt Consolidation Quote

By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
  • National Debt Relief, LLC BBB Business Review
  • McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

Second Mortgage Debt Consolidation Loans For All Credit Types

February 18, 2012 by National Debt Relief

Despite popular belief, not everyone who gets into trouble with debt does so because of carelessness. Debt can be very insidious. Even people who manage their finances fairly well can start with $100 on a charge card only to see it grow to $10,000 in just a couple of years. Debts can go from “minimal” to “reason to be concerned” to a “serious stress factor” very quickly. Luckily, there are many resources like debt consolidation loans to consider.

How to know when your debt has become out of control

If you find you are making only the minimum monthly payments on your various balances or when your next month’s bill is greater than this month’s bill, your debt may be getting out of control.

What the Federal Trade Commission says

The FTC (Federal Trade Commission) agrees that if you are having a problem with debt, one good solution is debt consolidation. This is a way to bring all of your financial obligations together at a lower interest rate and with more time to repay them. Of course, this doesn’t make your debt disappear, it just makes your financial obligations easier to handle.

Option #1: refinance your first mortgage

One way to get a debt consolidation loan is to refinance your first mortgage. Let’s say you have a house with an estimated value of $200,000. But you owe only $150,000 on your mortgage. This means you have $50,000 worth of equity in your house. If you refinance your mortgage, you could get that $50,000 and use it to repay all of your creditors. Of course, your new mortgage would be for $200,000. But you have converted all your charge card bills, student loans, and auto loans, and so forth into one loan payment. Instead of having to pay Visa $500, MasterCard $250, $250 on a student loan, $350 to Sears, $425 on a car loan–you will now need to pay only the one lender.

Option number 2: get a second mortgage

If there is some reason why you either don’t want or can’t refinance your existing mortgage, you might be able to get what’s called a home equity line of credit (HELOC). You can use the funds from this loan exactly the same way as with Option #1, except in this case you will have two loans. You will have your original loan of $150,000 plus an additional loan for $50,000. Naturally, you’ll have to create a payment plan for both loans. However, you will be rid of all of your various charge cards, car loans, student loans and so forth.

Strategies for finding good debt consolidation loans

Whether your credit is good or poor, you should be able to find mortgage refinance debt consolidation loans. Here’s what to do.

  1. Look to find the best loan available. You can use the Internet to do this because you will probably have to complete just one form and then obtain multiple offers.
  2. Find the best rate of interest. The lower the rate of interest on your loan, the greater amount of money you will be applying towards your principal balance.
  3. Be sure to get a type of loan that works for your situation. For example, if you are planning to stay in your house for many years you might choose a 30-year loan. However if you believe you will only be there for five years or less, you might want to opt for an adjustable rate mortgage (ARM). This will have a lower interest rate than a fixed interest loan but do make sure it doesn’t come with some kind of balloon payment the end of the three or five years.

Get a free debt relief quote from NationalRelief.com and see how much you can save on your bills.

Do you qualify for debt consolidation?

National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

Follow National Debt Relief: Facebook Twitter Instagram Linkedin

Primary Sidebar

Consolidate Your Debt!
Find out how NDR could help.
  • Get one low monthly payment
  • Avoid bankruptcy
  • Get out of debt in 24-48 months
Get Your Free evaluation
Free Debt Consolidation Quote
By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
 Trusted By Our Clients

"Mario and Carla"

very professional, very kind with the experience to help people like me, I am very happy with this great step that I take and more to take with NDR. We all deserve a second chance I hope that my future will be clear and secure.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Vicente Romero
ConsumerAffairs Reviews

Latest Debt Consolidation Posts

  • Is A Debt Consolidation Loan Right For Me?
  • Step-by-Step Guide To Consolidating Debt
  • Debt Consolidation Loans For Bad Credit – A Good Idea?
  • Is A Home Equity Loan A Good Idea For Debt Consolidation?
  • 3 Hard Questions To Ask Your Debt Consolidation Company
National Debt Relief, LLC BBB Business Review AFCC Top Ten Reviews Gold Top Consumer Reviews Consumers Advocate Trust Pilot
Company
  • About Us
  • Contact Us
  • Blog
  • Careers
  • Corporate
  • Privacy Policies
  • Terms Of Site
  • Disclaimer
  • Sitemap
Products
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Debt Settlement
  • Calculators
  • FAQs
Debt Resources
  • Credit Card Debt
  • Bad Credit
  • Medical Debt
  • Personal Loan Debt
  • Unemployment
  • Divorce Debt
  • Retiree Debt
  • Veteran Debt
  • Business Debt
  • Personal Finance
Follow Us
  • Facebook
  • Twitter
  • Linkedin
  • Instagram
  • Pinterest

© 2021, National Debt Relief, All Rights Reserved.

Disclaimer
Disclaimer
Disclaimer