How to Negotiate a Settlement With a Collection Agency
If a past-due account ends up in collections, you can negotiate a settlement that is less than what you owe. Unsecured debt, such as credit cards, medical bills and personal loans can be negotiated ...
HOME EQUITY LOAN - A consumer loan secured by a second mortgage, allowing home owners to borrow against their equity in the home. The loan is based on the difference between the homeowner's equity and the home's current market value. The mortgage also provides collateral for an asset-backed security issued by the lender and sometimes tax deductible interest payments for the borrower. Also known as "equity loan" or "second mortgage". Via investopedia.com
The next option is a home equity line o credit in which the rate is adjustable and funds can be draw as per the need. The third type is where the borrower can use the equity of their home as a collateral factor.