Debt Consolidation Loans for Non Homeowners
Is it possible for non homeowners to get a debt consolidation loan? Maybe, maybe not. The real issue isn't really whether you own your own home or not, it is whether you have any type of collateral for security purposes and if you have the means to pay the loan back. After all, there have to be reasons why you got yourself into debt in the first place. If the reason for your loss of income was because you were fired, you quit or you were layed off from a job, then chapter 7 or chapter 11 bankruptcy may possibly be a more appropriate choice for you than a debt consolidation loan, which you'll have to pay back.
Because this article was written about debt consolidation for non homeowners, we'll assume that you don't yet own your home. Do you own or are you buying any property at all, such as land, and, if so, do you have equity built up in it yet? This could make a big difference in your chances of getting a debt consolidation loan if part of your collateral were real estate with equity. If not, that's fine. Let's move on.
Could anyone possibly co-sign on on the debt consolidation loan for you? This person would have to be someone that has a good, established credit rating with personal assets that exceed the amount of your combined loan. Anyone such as your parents, brother/sister, trusted friend, business partner or aquaintance, ect. It really doesn't matter who it is as long as they have the ability to make the payments, in case you don't, and have the personal assets available to pay off the loan, in case you both fail to make the loan payments.
Do you have a life insurance policy? This would have to be a certain type of life insurance called "Whole Life". A Whole life insurance policy builds cash value over the years and you may borrow against the policy, if there is enough equity to borrow against and then only up to the current cash value. Cash value on A Whole Life policy takes time to accrue and comes from several years of consistant premium payments and compound interest. If you have had your policy for 10 years or more, there's a strong chance that you could have an asset that you could borrow against.
Other things to look at, depending on the amount of debt consolidation loan you'll need, are stocks, bonds, or other assets like cars, boats, motor homes, motorcycles, old coins, stamp collections or just about anything where value can be established and then used as collateral.
Getting approved for a debt consolidation loan for non homeowners might not be the easiest thing to do, but, with a bit of help and ingenuity, it isn't impossible to get.
Related Tags: finance, credit card debt, finances, bankruptcy, debt consolidation, bank, life insurance, banks, debt consolidation loans, debt consolidation loan, assets, student loan, student loans, collateral
Is your debt becoming overwhelming? Are you uncertain what your options are? Are you trying desperately to avoid bankruptcy, but don't know which way to turn? Joe Stewart is a former Life And Health Insurance agent that also has experience with debt consolidation and bankruptcy. Get more information by visiting TheDebtConsolidationGuys.com or by clicking on Debt Consolidation For Non Homeowners
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