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the obligation secured by the mortgage, the mortgage holder may file a foreclosure to cause the property to be sold at auction, usually countrywide home loan payoff 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 countrywide home loan payoff borrower. For example, if a person owns a home worth $100,000, but does not currently have a lien on it, they may take an equity loan at 80% loan to value (LVR) or $80,000 in cash countrywide home loan payoff 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 countrywide home loan payoff each month). The borrower can apply any surplus funds to the outstanding loan principal at any time, reducing the amount of interest calculated from that day onwards. Some loan products also allow the possibility to redraw cash up to the original LVR, potentially perpetuating the life of the loan beyond the original loan countrywide home loan payoff 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