have mortgage as well as personal loans?
Question by abdulalim93: have mortgage as well as personal loans?
If I fail to pay minimum for my personal loans can the banks take charge of my property which i pay mortgage for?? or does that only happen with secure loans.
Also as house prices are going down, if i remortgage my house will I have to give the amount i borrowed from personal loans and give them thier share?
Best answer:
Answer by Danny
With secured loans (i.e. a further advance on your mortgage, or a secured loan from another lending institution with the security being your house) your house is indeed at risk if you don't keep up the repayments.
With an unsecured loan, the house itself is not the security and so they cannot take this from you – the loan is not secured against any physical property but you'll still be expected to make payment arrangements, and you'll suffer bad credit even for just some late repayments!
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Tags: late repayments, business finance, Personal Loans, unsecured loanFiled under Personal Mortgage Loans by 
Comments on have mortgage as well as personal loans?
With unsecured loans, when you fail to make the payments, they usually cannot take your personal property unless the creditors force you into bankruptcy.
If you refinance your house, the option is yours if you want to take out extra cash to pay off the unsecured debts.
One caveat though, since you are not current on your unsecured loans, it will be harder to refinance your current mortgage.
An unsecured loan does not affect your house, BUT if you took them out before 1 April 2007 you may be able to get them cancelled legally.
The website http://www.bdebtfree.info helped me do this and they can help you too. Good luck.
No, not if the loans are separate and the house isn't held as collateral on the personnel loan.
No, not if you go to another lender. If you go back to the first lender they will demand their money as part of the refinance.
But if you are delinquent in your personal loan it is probably on your credit report. If so then your credit score is probably too low to qualify for a refinancing loan at a reduced APR from any source.
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Wait and have thier share of fruit moments tho
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