Help For Single Moms in Debt


Help For Single Moms in Debt – How Can They Keep Their Home?

Life can be really tough for the single moms, considering that they are required to bring up the child, mange the finances, the home, the job and so many things at the same time.

Help For Single Moms in Debt – How Can They Keep Their Home?

This can result in increased financial issues, and thus lead you into greater problems, which can even result in loss of your home. Moreover, going through a divorce is in no way easy a task. This too leads to a situation where debt can become literally a burden.

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So, if you too are in such a situation, and if you are having problems in retaining your home, you will be required to consider the different debt relief plans. Other than trying out loan modification or refinancing, you will also be required to consider debt consolidation vs debt settlement, if you would want to become debt free.

Retaining the home as a single mom

If you would want to retain the home, as a single mom, there are various things which you will be required to consider. You will have to try and lower your expenses as much as possible. This is going to HUD help you with having more money in hand, which you will be able to use towards the mortgage payments.

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As for the other debts, you can either opt for debt consolidation or debt settlement. This is important because, if you can ease the management of the other unsecured debts, you may have enough confidence in handling the mortgage and thus retain you home too.

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Thus, the two main things which you will be required to try out are budgeting and opting for either debt consolidation or debt settlement. If you can manage to lower all of your expenses as much as possible, and if you ease up the debt management process too, you may find out that you can have more money in hand.

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This can then be used toward the mortgage pay off. The main problem which results in the loss of your home is the default mortgage payments. When you default on the mortgage payments, the lender forecloses your home.

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However, even if you find out that budgeting and debt consolidation or settlement is not enough for you to shell out money for the mortgage payments, it would be wise of you to talk to your lender.

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You can request the lender to offer you loan modifications, through the modification, the terms and conditions of the primary mortgage gets changed. The interest rate may get lowered, or the loan term can get extended. Te lender may also agree to lower some part for the principal amount borrowed.

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Again, truth is that not all lenders agree to a modification request. In such a situation, you may have to find out other options, the best in such a situation is refinancing. Refinancing is not much different than loan modification, if the benefits are to be considered. The only difference is that in case of refinancing, unlike that of loan modification, you will be required to take out a new loan, which has better terms and conditions.

Help For Single Moms in Debt How Can They Keep Their Home

This works as the second mortgage on your home. The process followed in obtaining a refinancing loan is same as that of taking out any other mortgages.

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So, you would need a good credit score, so that you can refinance your house in order to save it, through a low interest rate and better loan term. So, this is how you can save your home, even if you are a single mother.

* Help for single moms in debt – How can they keep their home?

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Posted in Debt Consolidation, Home Grants, Single Moms