Settlements for Collection Agencies

It sounds like a good idea but for those who have some property to keep as collateral. Besides, there is always a risk of losing the property if you fail to pay the installment.

Sometimes, people are hit through hard times and the lenders have the rights to foreclose on the property if you default.

While you are thinking about mortgaging, always assume from the beginning that your relationship with the person will get hurt if you fail to pay back the loan. Think twice because it might happen that you managed to fix your credit in a short time and filed for bankruptcy at the end.

You should also have a good job so that there is a regular flow of income that will be needed to pay back the loan amount and free the collateral.

This is true! collection agencies are suckers for home lending companies! Their contact information is available in any collection office in America. My only worry is what David stated, that one could lose their house if they fall out of step. My greatest student loan settlement came from a refi. Ever since the guy brought it up as a means to resolve his student loan, I still worried for him. He had a terrific internet security business of his own, but nothing in life is failproof.