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Is it a good idea to consolidate debt through a second mortgage?

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There is no harm in consolidating debt through second mortgage if you can make the payments on time. However, lenders can foreclose your property if you default on the loan.

Sub: #1 posted on Tue, 12/14/2010 - 03:28

Good Nelly Good Nelly
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Nelly is absolutely correct. You can always take out a second mortgage and use the loan proceeds to consolidate your existing unsecured debts. However, as a second mortgage is secured against a collateral, your unsecured loans will indirectly become secured. Thus, if you fail to pay the second mortgage on time, your property will be in danger of foreclosure. Moreover, your credit scores will also get badly affected.

Sub: #2 posted on Tue, 12/14/2010 - 22:21

Anna Sweeting Anna Sweeting

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