| law jurisdictions refer debt consolidation to immovable property. In recent years, many economists have not recognized that the lack of effective real estate laws can be a significant barrier to investment in many developing countries. In most societies, rich or poor, a significant fraction of the total wealth is in the form of land and buildings. In most advanced economies, the main source of capital used by individuals and small companies to purchase and improve land and buildings is mortgages -- debt consolidation loans for which the real property itself constitutes collateral. Negative amortization loan ``Don't count on being able to walk away from your debts by filing bankruptcy,'' said Melissa Richards, general counsel for the debt consolidation Mortgage Bankers Association. ``I think you have thousands and thousands of people who refinanced and this didn't even enter into their equation,'' said Grant Nelson, a law professor at the University of California-Los Angeles. ``They didn't even think about it.'' There are many types of mortgage loans. The two basic debt consolidation of amortized loans are the fixed rate mortgage (FRM) and adjustable rate mortgage (ARM). In a FRM, the interest rate, and hence monthly payment, remains fixed for the life (or term) of the loan. In the U.S., the term is usually for 10, 15, 20, debt consolidation 30 years. In the UK the fixed term can be as short as five years, after which the loan reverts to a variable rate (which makes the loan an ARM). In an ARM, the interest rate is fixed for a period of debt consolidation after which it will periodically (annually or monthly) adjust up or down to some market index. Common indices in the U.S. include the Prime Rate, the LIBOR, and the Treasury Index ("T-Bill"). Other indexes like 11th District Cost of Funds Index, COSI, and MTA, debt consolidation also available but are less popular. Adjustable rates transfer part debt consolidation the interest rate risk from the lender to the borrower, and thus are widely used where unpredictable interest rates make fixed rate loans difficult to obtain. Since the risk is transferred, lenders will usually make the initial interest rate of the ARM's note anywhere from 0.5% |
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