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Canada Home Mortgage | Types of Unsecured Debts

“The term mortgage refers to a loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest.” – Investopedia

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Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in

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Canada Home Mortgage

What are Unsecured Debts ?

Unsecured debt is defined as money that a person borrows without the need to give an asset to ensure that the money borrowed is paid back. 

This means that a person who obtains an unsecured debt does not need to give any property or asset to the lender to serve as collateral for the money borrowed. 

If you are unable to meet the payments for unsecured debt, the lender cannot foreclose on any asset you may have.

The Answer

If we take the definition of a mortgage, where the real property serves as the collateral or security for the amount of money borrowed from a financial institution, mortgages CANNOT be an unsecured debt. 

Mortgages are often secured by the real property that you have purchased, and you do not own the property completely until the debt is paid. 

Unsecured debts are often smaller in amounts, such as credit card bills, student loans, and utility bills. Unsecured debts cannot be foreclosed upon as there is no asset that can be taken by the lender.

Unsecured Debts

If you have more than $10,000 of unsecured debts – National Debt Relief can help. We examine your current disposition at no charge and absolutely no obligation. You can get a Free Saving Estimate – easy and fast. We then provide you with a comprehensive offer to write off your debt in a specific payment term and amount that you are able to commit to. You can start right away and easily hit the restart button so you can start a new life debt-free

Our Clients 5-Star Reviews

PHIL HUNEAULT
PHIL HUNEAULT
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Suma from National dedt was very professional kind hard working very detailed she made sure everything was good to go the whole beging of the program I would definitely recommend her for people going through any kind of dedt situation I am very happy with her costumer service Top Notch service in my opinion thank you suma
Jason Pulsifer
Jason Pulsifer
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When I first started talking with national debt relief , I was extremely hesitant about going through with it, but Suma was wonderful to work with, she got all are stuff together and finalized very quickly. Very happy with the service we received.
Kaitlyn Dorman
Kaitlyn Dorman
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Suma Mathew made my debit experience very easy and took away all my stress. Thank you so much!
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Top 5 Key Benefits of our Ontario Debt Relief Program:

To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.

Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • and more…

Talk to us! We will help you get out of debt.

We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.

Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!

Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.

We will help you compare
the options and savings of all formal debt relief programs available to you.

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Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.

 

This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

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