I have never been late on a mortgage payment, I have 9 years left until my house is paid for, however, I had a line of credit for around $15,000 that I am not able to pay completely off this coming January 2013. They had me fill out an application over the phone and say this amount with my current mortgage will be combined at a lower interest rate for 20 years. I didn't think I could loose my house over $15,000 I just thought they would probably attach a lien on it, does this sound right?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.