Most family’s biggest monthly expense is their house, and when money gets tight it can be scary to think that you may not be able to keep your house. Fortunately, there are options for lowering your mortgage payment, and if you are able to take advantage of one of these options, you can enjoy a lower house payment. The most popular option is to modify your mortgage, which requires your lender’s agreement. In order to receive a modification of your mortgage loan, you have to apply with your lender and be approved for the new mortgage terms. Sadly, not all lenders are willing to agree to modified mortgages, and many homeowners are left still struggling.
If you are turned down for a mortgage modification, you are not out of luck. There are other things you can do to help make ends meet, including:
• Reducing luxury purchases.
• Refinancing a car.
• Shopping around for cheaper auto and life insurance.
• Coming up with a meal plan, and shopping only for the ingredients needed.
• Use coupons and buy things when they are on sale.
• Pay your electric bill on an averaged basis, so the amount is close to the same each month, which makes it easier to develop and stick to a budget.
If you have tried these things, and likely several others, and are still underwater financially, you should consider filing for bankruptcy. Bankruptcy is a legal way to eliminate debts, or have them greatly reduced. Depending on what type of case you are eligible to file, you will either get to wipe out all of your unsecured debts (like credit cards and medical bills), or pay only a small portion of the balances. When you have less debt, you have more freedom. Filing bankruptcy will also put a stop to a foreclosure, a repossession, and a wage garnishment. All of those things add to an already stressful situation, so having them exit your life will give you the emotional lift you need to figure out your bills. We have had experience filing bankruptcy for a countless number of client, and can take on your case too.
For more information about mortgage modifications, and to find out what you can keep and what you have to give back if you file a case, contact us at www.DsouzaLegalGroup.com.