Help consolidating credit card bills
Other lenders may agree to change the terms of the mortgage by extending the repayment period to reduce the monthly debt.Ask whether additional fees would be assessed for these changes, and calculate how much they total in the long term.If you can't do this, the creditor may sell the car.If you see default approaching, you may be better off selling the car yourself and paying off the debt: You'll avoid the added costs of repossession and a negative entry on your credit report.Unsecured debts are not tied to any particular asset, and include most credit card debt, bills for medical care, and signature loans.Most automobile financing agreements allow a creditor to repossess your car any time you’re in default. If your car is repossessed, you may have to pay the balance due on the loan, as well as towing and storage costs, to get it back.Call the local office of the Department of Housing and Urban Development or the housing authority in your state, city, or county for help in finding a legitimate housing counseling agency near you.
The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.
If you and your lender can’t work out a plan, contact a housing counseling agency.
Some agencies limit their counseling services to homeowners with FHA mortgages, but many offer free help to any homeowner who’s having trouble making mortgage payments.
Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. Your financial situation doesn’t have to go from bad to worse.
If you or someone you know is in financial hot water, consider these options: self-help using realistic budgeting and other techniques; debt relief services, like credit counseling or debt settlement from a reputable organization; debt consolidation; or bankruptcy. It depends on your level of debt, your level of discipline, and your prospects for the future. Are you worried about losing your home or your car? Many people face a financial crisis at some point in their lives. Are your accounts being turned over to debt collectors?If you’re thinking about getting help to stabilize your financial situation, do some homework first.