Should I Consider a Debt Consolidation Mortgage? (cont.)
Contributed by Melanie Vannuys
What If I'm Turned Down For A Debt Consolidation Mortgage?
It's never fun to be turned down for any type of loan, but if you're turned down for a debt consolidation mortgage, it may feel worse to you, especially if you were counting on that money to pay off a mountain of debt.
If you are turned down, lenders are required by law to tell you, in writing, why. In their letter, they must include
1. Either the specific reason you were denied or where to obtain the information that caused the denial;
2. If a credit report was used to make their decision, they must tell you which credit bureau it came from.
Being denied may have nothing to do with credit, though. You may not meet the minimum income requirements for the lender or you haven't been at your job or present address for long enough.
If after this you still don't understand the reason you were denied, don't be shy - speak up and ask questions. They are required to give you exact reasons.
