For a common person debt is a life time trouble. When you are dug in debt, it’s easy to feel hopeless when looking at the amount of your debts, but feeling helpless will never do you any good for you. In this scenario Debt Consolidation becomes one way solution of these debts to live life happy and trouble free.
In simple term Debt Consolidation means takes out one loan to pay multiple loans. By using this financial tool debt ridden person get many benefits like pay lower interest rate and pay one loan instead of manifold loans. With the help of online debt consolidation you too can get yourself out of a financial trouble in quick period of time.
Ever growing Internet is a good place to search trustworthy debt consolidation portals. These service info online Debt consolidation portals are fully packs with huge amount of information related to debt consolidation. In these portals you can see the list of debt consolidation companies and details about them. The prime objective of these online portals are to educate people about their debt and provide products and tips to help them get out of debt. Using these portals debt consolidation help, you will be able to pay off all your credit card debt in a very short period of time.
These free debt consolidation site offers other services besides debt consolidation loans. They also offer credit counselling agencies that help people get their credit under control. It is the people with a bad credit that prefers the services of free debt consolidation companies as they receive money from creditors for running their service, and don’t have to depend on the payments of their clients.
Mortgage is one more type of Loan. In simple term when buyer takes the loan from lender against his/her property, it’s called mortgage. Mortgage is well known as the transfer of an interest in property by owner to a lender as a security for a debt.
Mortgage is a security for the loan that the lender makes to the borrower for a precise period of time.
Parties in Mortgage:
In Mortgage two parties are found.
Also known as mortgagor is the party which takes loan is called buyer.
Also knonwn as mortgagee is the party which gives the loan is called lender.
Types of Mortgage:
Normally there are three type of mortgages are stands –
It is the most common type of the Mortgage. In few areas, a mortgage creates a lien on the title to the mortgaged property. Foreclosure of that lien almost always requires a judicial proceeding declaring the debt to be due and in default and ordering a sale of the property to pay the debt.
* Deed of trust
In this kind of mortgage a third party is involved in the instrument called trustee. In here trustee takes the right of foreclosed the property if buyer unable to pay the dues in given time period. In most areas, it also creates a lien on the title and not a title transfer, regardless of its terms. The main difference between Mortgage and Deed of Trust is, it can be foreclosed by a non-judicial sale held by the trustee.
* Security deed
This mortgage instrument only use in the Georgia state of America. Unlike a mortgage, a security deed is an actual conveyance of real property in security of a debt. Upon the execution of such a deed, title passes to the grantee or lender, however the buyer maintains equitable title to use and enjoy the conveyed land subject to compliance with debt obligations. Security deeds must be recorded in the county where the land is located.