It’s troublesome to have to worry about your finances in a weak economy, but you’re not alone if you do. Debt relief makes a major difference for those who are struggling, especially when hours at work are cut or they lose their jobs.
One of the most vital types of relief is mortgage debt relief. Mortgage debt relief is crucial to the overall economy’s recovery, and it’s a good way to help people stay in their homes. For example, the CARES Act mandates that borrowers with government-backed mortgages will be allowed to postpone their payments for 90 days, and up to a year, due to an economic crisis.
This act isn’t the only kind of debt relief that exists, and it certainly hasn’t always been available for people who were struggling. However, debt relief that focuses on preventing foreclosures tends to help significantly, as the cost of a mortgage may be the most significant debt a person has.
Addressing your debts: What creates stability?
When you address your debts, it’s important to find out what will create stability for you. Will getting rid of credit card debt help? What about eliminating medical debt or refinancing your vehicle? There are various methods that can be used to help you rearrange your debts, delay payments and renegotiate the terms of loans and repayments. There are also options like Chapter 7 or Chapter 13 bankruptcy, which help people by eliminating or consolidating debts to help them pay them back over time.
Debt relief should be as straightforward as possible, and a good plan should be in place to help those who need it. If you’re struggling with debt, you deserve an opportunity to try refinancing, bankruptcy, debt-repayment plans and other options that may help you stay in your home or keep your assets.
The good news is that once you do address your financial woes, there will be options. Not every option is going to be right for you, but your attorney can spend time talking to you about what you want and how you can achieve those goals.