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HOW DOES A MORTGAGE LENDER VIEW SOMEONE WHO HAS DONE DEBT CONSOLIDATION?

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anorton Joined: 04 Dec 2009 Posts: 2 1.34 Dollars($)	Posted: Fri Dec 04, 2009 4:40 pm    Post subject: HOW DOES A MORTGAGE LENDER VIEW SOMEONE WHO HAS DONE DEBT CO Like 0 Dislike 0 aRE THEY HESITANT TO LOAN A PERSON MONEY WHP HAS CONSOLIDATED THEIR DEBT?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12330 Location: bloomfield, ct 50.03 Dollars($)	Posted: Fri Dec 04, 2009 4:47 pm    Post subject: Like 0 Dislike 0 there might be a lender foolish enough to look unfavorably upon someone who has consolidated, but most of us think it's a fine idea. handled correctly, a consolidation loan can eliminate someone's debt and keep them in good shape for the future. instead of having ten accounts with monthly payments totaling $600, a person might have one account with a monthly payment of $300, freeing up more of their income to allow for payment of a mortgage loan, for example. if there's evidence that someone who has consolidated then went out and ramped up debt again, that would be considered as a negative, but on the whole, a consolidation loan is going to be beneficial and treated that way. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044

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