Wednesday, October 31

Thanks for them!

When the budget belt is thinning out, you sometimes consider doing things that you don't dream of doing like the word mortgages. Mortgaging a house that you fully own - you bought it using your savings which you really sweat out for, isn't easy to do but you are thankful that they've been invented and are available.

Somebody close to me, mortgage their house they owned for more than 30 years to salvage a drowning business. It was painful for them to do though they still own the house because the repayment is very huge and there is the fear that they might lose their property. The good thing about that loan was it was a no doc financing... so not much hassles. And instead of applying for a business loan, they mortgage the property where the business is conducted so they don't have to provide for the not-so-attractive records of the business.