Is it possible for homeowners not to get a debt consolidation loan? Maybe, maybe not. The real problem is not really whether you own of your own home or not, is if you have some sort of guarantee for security purposes and if you have the means to repay the loan. After all, there must be reasons why are you hiding of debt in the first place. If the reason for their loss in revenue was because you were fired, quit or were sacked from their jobs, then Chapter 7 or Chapter 11 bankruptcy can possibly be a more appropriate option for you than a debt consolidation loan, you will have to pay.
Since this article was written about debt consolidation homeowners not, we will assume that you still do not own from 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 yet? This could make a big difference in your chances of getting a debt consolidation loan if their portion of real estate collateral were equitably. If not, fine. Let's move forward.
Could someone possibly co-sign on the debt consolidation loan for you? This person should be someone who have a good credit rating with personal assets exceeding the combined amount of your loan. Any person, including his parents, brother / sister, a friend of trust, business partner or acquaintance, and so on. Does not really matter who the time they have the ability to make payments if they do not, and have the personal wealth to repay the loan, in case both fail to make loan payments.
Do you have life insurance? This should be a certain type of life insurance called "whole life". A life insurance policy accumulates cash value over the years and you can borrow against the policy, if not there is enough equity to borrow against and only to the actual cash value. Cash value in a whole life policy needs time to accumulate and comes from several years of consistent premium payments and compound interest. If you've had your policy for 10 years or more, there is a strong possibility that you could have an active you can borrow against.
Other things to do, depending on the amount of the debt consolidation loan you need, are stocks, bonds, or other goods such as cars, boats, RVs, motorcycles, old coins, stamp collections or whatever value can be established and then used as collateral.
Getting approved for a debt consolidation loan for non homeowners may not be the easiest thing to do, but with a little help and ingenuity, it is impossible to achieve.
About the Author:
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 TheLoanSolution.org or by clicking on Debt Consolidation For Non Homeowners