If you are weighed down by a lot of debt, it may seem like filing for bankruptcy may be your only option to be able to get your feet back. But many don’t recognize how dangerous bankruptcy can be. It stays visible on credit reports for the duration of a decade, which severely impacts your chances of getting loans and getting reasonable insurance.
As more and more employers are scrutinizing their credit reports or employees, it could reduce your chances of securing an employment opportunity that is good. This is why more and more homeowners are opting the option of consolidating their loans through the help of a private-party loan. Hard money loans in Seattle originate from the cash of private lenders.
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As homeowners are more successful in getting one to pay off their debts. One of the greatest and most appealing features of these loans is that they’re dependent on the assets you have, most often your home, and therefore your credit score plays a less important role in determining if you qualify.
Private lenders do not have to follow bank guidelines for underwriting; they have the liberty to lend to whomever they like. It is true that everyone’s situation is unique, for the majority of people, consolidating debt using hard money loans can allow you to eliminate the majority of your debt in only a few years.
Through reducing the total interest on the debt you owe to a smaller amount and allowing you to pay more principal every month, aiding in the process of debt relief. Compare this with bankruptcy, which remains in your credit file for over a decade, and may remain on your credit report for several years afterward.