Please help me find more details about debt consolidation. It will be the only option which could help me now. Seven years back, I took a 15-year mortgage to buy my home. I was working in a private firm and so, I could easily clear the monthly payments then. In 2013, again, I took a mortgage to start a business with my friend. But, then I realized that my decision to take a second mortgage was wrong.
Now, I feel it difficult to repay the amount of the two mortgages. The second was a joint mortgage with my friend, and he is also suffering, as our business went down, which led to a drop in our monthly income. But, he is kind enough to adjust for me and even help me with the payments. I can't depend on him anymore. So, I am planning for debt consolidation.
As my second mortgage is a joint one, I doubt whether it is easy to consolidate the two mortgages. Even I don't know if there is an option for that. I would like to know how debt consolidation would affect our joint mortgage. And if he is not interested in it, then what will I do? Is there any other option for me? Have you ever gone through a situation like this?
Do you have anything to suggest me? I came to know about a second mortgage lender in Canada offering debt consolidation service. I want to hear from you, before consulting them. So, please share your experience and knowledge. Thank you.