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denied for loan
my sister in law is in a small amount of debt (she wont tell me how much) and keeps getting denied for a loan to consolidate her loan as she won't secure the house after hearing stories of houses being repossessed. is this possible with a secured loan? She is in a permanent job so surely she can make payments.
With a secured loan, the
With a secured loan, the property (in most circumstances yourhouse) is used as security in the event that you are no longer able to repay the loan. If this happens, then the lender has the legal right to reclaim their loan by repossesing or selling the house. Before securing a loan on your property it is very important to look at all options. If your sister wants to clear her debt, adveise her to all the advisors at the DAT, they will be able to give her advice on how to become debt free
What are the benefits of a Secured Loan?
I thought the majority of loans done on houses are secured loans. The house has value and the easiest loan to get is a secured one. The bank doesn't want to lose money, so they will try and work with you. The fear of foreclosure is a real one because that happens to many people. The truth is that there are many people who are in the market just to buy from distressed owners. That's one way not to get foreclosed on. Sell the house if you can't make the payments, because a foreclosure stays on your credit forever.