Pure and simple
...you put your home at risk,
...and when you put your home at risk,
...you put your family at risk.
Before you put you home at risk, doesn't it make sense to at least find out and consider all your options.
And...one of those options is to simply get rid of debt instead using bankruptcy. If this option fits your situation, the result is that you never get started using your home as, in effect, a personal "ATM" machine. And, in turn, you never put your home and family at risk.
Want to hear more? Here's the situation we see over and over:
You are at the point where you have done all the budgeting you can stand...and you are working as hard as possible...but you can't work any harder....or you are getting real tired out working as hard as you have...or you have lost a job...or you are working hard, but never seeing your family. But...still ....there is not enough income coming in to pay all the bills. So, what do you do?
At this point.....and usually before this point....people will start borrowing more money...to stay current....but this is a trap. This is called the "Borrow from Peter to pay Paul" stage. However, unless you have a good, workable, solid plan where you can afford to repay the extra money you borrow....you are just buying time...putting off to tomorrow the problem you have today...setting in place a ticking time bomb. And....you may be just making things a lot worse....for you and your family.
Loans are not free. For every dollar you borrow....you have to pay back that dollar...plus interest and interest and more interest. Oh...that interest...that's the killer. Making you pay interest is what lenders are all about. Making you pay interest and interest and interest is how all those lenders make the money to feed their families. Their families will get fed....even if your family does not.
If you don't absorb anything else...absorb this. Nobody ever got out of debt by borrowing more money. Borrowing more money only makes sense if you know....or can reasonably predict....that you will have more money coming in now.....or real soon. No doubt....good, hard-working people.....just like you....always mean well when they borrow more money. You borrow more money because you hold out hope.....hope that the future will be better than the present. Hope is a funny thing. We all need hope...but hope can make us do.....in hindsight....some really foolish things.
There are risks. For example...when you take out a second mortgage on your home or refinance to free up money to pay credit cards and other bills, you are putting your home at risk. Why? Because you are putting your home up as collateral....in case you cannot pay... and when you cannot pay....the lender takes your home and puts your family out on the street. That's called foreclosure...and it happens a lot.
Also...offering up your home as collateral generally means you are taking what was a short-term difficulty and turning it into a long-term problem.
Why? Think about it. The only reason the second or third mortgage has a cheaper monthly payment is because you are replacing a short-term obligation with a long-term obligation. Most of these mortgages keep you on the hook for 15 to 30 years...in many cases, well past the time when you will be forced to retire.
When you take out a mortgage to pay off unsecured credit cards and other bills, you are getting short-term gain. The price is long-term pain. You are tying up for 15 to 30 years, income....in most cases....desperately needed to take care of you and your family.
Should you do it? Should you continue to "borrow from Peter to pay Paul". Only you can make that decision...but the decision you make carries a lot of risk and can hold you and your family hostage for many precious years to come.
The real problem comes later when there is no more "Peter" to borrow from, and you can't pay "Paul". This is when your whole house of cards comes tumbling down. And if "Paul" is holding a mortgage on your home, Paul starts foreclosure to put your home up for sale and puts your family out on the street.
There may be a better solution to your problems. You know where I am going. We're talking about bankruptcy.
Before you blow off bankruptcy...doesn't it make sense to at least find out how bankruptcy works and what it can do for you and your family? And, doesn't it make sense to find out before...not after...you take the steps to put your house up for hock?
The really good news is this: You can find out all this information for FREE. We are so committed to getting the work out about bankruptcy that we even offer the information for FREE.
Just call today to set up a totally FREE and confidential Debt Consultation.
Sure, we may talk about bankruptcy, but at the same time, we will talk about all your options, and we will answer all your questions.
All for FREE...That's our guarantee. No strings attached. And you can call us toll free.
In fact, that's just one of 10 different GUARANTEES we offer, including 4 "Money-Back" Guarantees.
Interested? Pick up the phone. Just call toll free to:
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