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Financial Mastery

Get a Handle on Your Debt

Reducing your debt and paying your lenders is always the best option  But if you have lost your job or experienced some type of hardship that makes it nearly impossible to survive you have options.

Your options if you are delinquent on your mortgage:

1. Contact your lender to let them know of your hardship.
2. Short Selling your home.  For the tax consequences contact us
3. Foreclosure as an option but this will impact your credit for many years as well.  Below is a sample foreclosure timeline and this will differ from city to city.  This should be used only for a guide, please verify with your own city and state as to the time lines.   For the tax consequences on foreclosing on your home contact us now
4. Bankruptcy should be the last option and know that it will impact your credit.  For the tax consequences of filing a bankruptcy contact us now

For more information about foreclosures, please go to Foreclosures 101.

For credit card issues you have several options as well:

1. Pay the minimum
2. Contact your lender to let them know your hardship
3. Debt consolidation / Management
4. Debt Settlement
5. Bankruptcy – should be used as the last option

If any options 1 through 5 appear to be a solution for you, don’t wait another minute, contact us now for a free review.