Mortgage debt consolidation is one way for you to rationalize your finances if you feel that paying creditors separately is such a burden. Having a financial plan is better for some but may work for others. In essence, this is like taking a loan from a debt consolidation company to pay off all of your old mortgages. There are advantages and disadvantages to this scheme.
There are companies that offer mortgage debt consolidation at lower interest rates. This is highly advantageous for the borrower because he ends up paying low interest rates for all of his loans. For instance, if the borrower has two mortgages and is paying 3.5% and 2.75%, respectively. A mortgage debt consolidation company offers a 1.75% interest. If you are the borrower, you save a lot of money if you consolidate your debts. Sometimes, the payment period and terms are also adjusted to make it easier on the borrower. The payment period can be stretched or shortened depending on what both parties have agreed on.
The disadvantage of consolidating your mortgages is that you'll need to pay off the new loan all together over a long period time. You may get a breather when the debts are consolidated but you may feel the pressure in the long run. Also, you may not end up paying lower interest because a longer paying period also means paying interest for the extension. You will also need to pay miscellaneous fees, including insurance, which still means additional cost for you to shoulder.