► Debt Consolidation - Mortgages

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Equity Credit Lines

One particular aspect of joint credit that some people tend to overlook would be an equity credit line. This is an open-ended loan granted by an institution, usually a bank, with your martial property used as the security. The lender places a lien against your home which is recorded on its title and can force the sale of your home to recoup its money should you default on your payments.

If you are unclear as to whether or not there is such an account open or cannot remember from which institution one was opened, you can contact a Title Insurance company and ask that a "search" be done on your property. While this does cost money (usually a little over a hundred dollars) the title company will deliver a complete list of liens against your property. If there is found to be such an open account, again, as with other credit lines, contact the institution asking them to freeze the account. With an equity line of credit left open, you are exposing yourself to the possibility of losing your home.

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