I am behind on my mortgage and other bills
If you're behind on your mortgage and other bills you have many decisions to make.
First, you must realize what are the most important bills to pay. If you are 3 months behind on your mortgage the mortgage company will most likely hand your file to a foreclosure attorney and mail you a letter demanding the loan be paid in full or at least pay all the payments up to date by a certain day to avoid legal action. So it's important not to get 3 months behind!
If you're paying on your car you may be forced to pay the car before the mortgage because:
No car! = no work!
No work = no paycheck!
No money coming in = no chance!
Credit card bills are least important! I know it's great to have them, so try to keep one on time, current or with no balance, in case of emergency!
If you're behind on your mortgage because of your adjustable rate going up and making your payments so high you could not pay it, well there is a program available! Click here
You should be in contact with your mortgage company and or car loan company. Try to explain that you're having problems. Explain to them why the problems are over and why you will be able to get caught up in the next few weeks. Remember after 3 months behind on a mortgage, your home will be in foreclosure. Car payments are harder to predict the number of payments, you need to be behind, before they repossess your car!
If you are worried about losing your home and car and you are having problems juggling all the bills, you could always file Chapter 13. That will stop all the bill collectors and give you some time to put together a plan to repay your debts.
If not paying your credit cards will give you the extra money to pay your car and mortgage, then call your credit card companies and ask for help. Tell them your attorney advised you of some new laws that allow credit card companies to stop charging you interest for some period of time and or allow them to forgive payments for a specific amount of time. I am talking about the new bankruptcy laws, which were changed in October of 2005. For the changes credit card companies promised to offer some type of relief for people over extended on credit cards! If you don't mention bankruptcy but just mention "your attorney advises you", the person from the credit card company should get the hint and work with you! If you are not getting anywhere with such a person, don't worry they can't do much to you, other than harass you, which you should document by their name, phone number, time , date and place they called!
You can also call a debt reduction service. They will negotiate a plan on your behalf! I hear ads on the radio and the Internet has many sites where you can go!
A few to check:
Be careful, debt reduction companies are like any business, some are better than others. With a little luck you will have one close to you where you can visit face-to-face!
|
