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Evade Foreclosure Along with Debts

Written by  //  2014/05/15  //  Manage Mortgage  //  1 Comment

Smart financial planning along with a disciplined lifestyle can evade foreclosure as well as eradicate your debt woes. There are several debt relief programs that can guide you out of the trap of debt. Chapter 7 bankruptcy can help you to eliminate your debt rapidly but there is no other way that can discharge your debt faster that filing bankruptcy. But you should select the debt relief program according to your financial situation but you need to take prompt action to get effective solution. Your aim is not only to remove your debts but also prevent foreclosure on your property. Here are few steps that will help you to reduce your debt burden strategically.

5 essential tips to eliminate debt and avoid foreclosure:

  1. If you want to organize your financial condition then calculate the total amount you need to pay. Collect your monthly billing statements and estimate the amount that you owe to the creditors. Make a folder and place the recent copies of your billing statements to access it easily.
  2. Take advice from a counselor to get right financial decision to pave the path for a debt free life. A reputable nonprofit credit counseling agency can analyze your situation and give an effective solution to pay if off effortlessly. You can take help from Consumer Credit Counseling Service agencies as their service is prominent nationwide .You can take out information regarding reliable non profit agencies from credit union and banks. The United Way and the Urban League are two important community organizations can help you to get hold of a non profit agency to solve your debt woes.
  3. On receiving a foreclosure notification make sure that you inform the counselor regarding the issue. The counselor can contact your mortgage lender for you and manage to negotiate with the lender to delay or to avoid the foreclosure procedure. You can either pay for the missed payments at the end of the repayment plan or you can pay some extra bucks monthly and update your financial state. If you are financially strapped then you can file bankruptcy to stop the foreclosure procedure. On filing bankruptcy stay order will be placed on the collection activities of the creditors.
  4. Try to know in details about different debt relief programs like management plans, debt settlement, bankruptcy and better budgeting from your counselor. If you plan to take up a debt management program then you have to undergo an obligation for four year. Your credit counseling agency will be paying your debts during this time. You have to make a monthly payment to your agency along with their management charge. The agency will reduce the interest rate along with the principal balance to make the repayment plan affordable for your wallet.
  5. You can negotiate your own debts but you need to default on your account for four to five months. You can easily negotiate with the credit card companies regarding the principal balance as well as on the interest rate. The companies will agree to settle the delinquent accounts faster to retrieve their money.

One Comment on "Evade Foreclosure Along with Debts"

  1. insidecreditrepair.com website 2014/05/30 at 9:14 am · Reply

    Hi there, I log on to your blogs daily. Your story-telling style is awesome, keep doing what you’re doing!

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