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Home > Reader Questions > Is Embrace Home Loans for Real or a Scam? – Trish

Is Embrace Home Loans for Real or a Scam? – Trish

I owe 93,500.00 on my home loan, am trying to get a harp loan, for better interest rates and to lower my mortgage payments, I also recently had to purchase a used vehicle, putting me into another 13000.00 in debt, is there an actual embrace home loan co. that will pay off my debt and give me a fully tax-deductible option for next year or is this just another scam?

Is Embrace HOME LOANS FOR REAL OR IS IT ANOTHER SCAM TRYING TO GET ANOTHER CONSUMER IN DEBT WORSE THAN i ALREADY AM?

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Is Embrace Home Loans for Real or a Scam? - Trish by

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  • Msullivan

    Trish,

    I won’t comment as to the legitimacy of a particular product but I can tell you that a HARP 2 refinance is an excellent program but will not provide a cash out loan to cover other debts. You should call a HUD approved housing counseling agency in your area (www.hud.gov) to get assistance in applying for the mortgage.

    In order to get a cash out mortgage refinance plan you will likely need to have good credit and quite a bit of equity in your home. And even if you could get the cash, would you really want to pay for a used car for 30 years? It would likely end up costing you more than $13,000 in interest.

    I would suggest keeping your mortgage separate from your other debt. Refinance the home and lower your payment then use the saved money each month to pay off the debt.

    Good Luck! 

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