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creating a security interest in land. When the landowner fails to perform on the direct inc lending source secured by the mortgage, the mortgage holder may file a foreclosure to cause the property to be sold at auction, usually by the sheriff. "You`re looking at 15-to-30 years payment on a credit card with a balance of $20,000 if you`re just making that minimum payment," Simmons says. An equity loan is a mortgage placed on real estate in exchange for cash to the borrower. For example, if a person owns direct inc lending source home worth $100,000, but direct inc lending source not currently have a lien on it, they may take an equity loan at 80% loan to value (LVR) or $80,000 in cash in exchange for a lien on title placed by the lender of the equity loan. Many lending institutions require the borrower to repay only an interest component of the loan each month (calculated daily, and compounded to the loan once each month). The borrower can apply any surplus funds to the outstanding loan principal at any time, reducing the amount of direct inc lending source calculated from that day onwards. Some loan products also allow direct inc lending source possibility to redraw cash up to the original LVR, potentially perpetuating the life of the loan beyond the original loan term. The rate of interest applied to equity loans is much lower than that applied to unsecured loans, such as credit card debt. "A professor used to tell me, `you can pay me know or pay me later`," direct inc lending source says. "If you`re talking to a credit card company, the payment later`s going to be a heck of a lot more, perhaps than you think it`s going to be." Experts agree you need to make sure the numbers work in your favor rather direct inc lending source stack up against you. Loan modification. These programs basically lower the rate on your existing loan without changing the length of the loan. Loan modifications