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Too Much Month At The End Of The Money. Who Gets Paid First?
There's an old saying that the squeakiest wheel gets oiled first. In the case of creditors you may want to let some of them go on squeaking.
Who gets money at the end of the month when everyone can't be paid has to be decided based on your situation. If you own a home then being able to avoid or stop foreclosure is a primary concern, so the top priority will be the first mortgage holder on your home. This obligation typically represents a debtor's largest payment.
Evidence has shown that we make payments to smaller creditors first when money gets tight. This results in a short sighted solution. Soon your credit becomes blemished anyway, bankruptcy looms, and foreclosure on your home may soon follows. Once the damage is done many find negotiating with first mortgage holders can be more difficult.
Stop and think of this: If faced with the options of losing a credit card or losing your home which would you [link widoczny dla zalogowanych]se?
Here some things to consider when deciding how to allot your monthly income:
-List of all available fixed income for the month.
-Do you have teenagers or adult children living at home who can contribute? As a parent we automatically resist calling on our kids for help, but when the other option may be losing the house, it has to be considered.
-List any extra income available.
-Are there savings that can be used?
-Can you borrow money from friends or relatives? Understandably not the preferred choice, but again consider the alternatives.
-Is there a 401K plan or whole life insurance policy perhaps with some cash value? Widespread belief is if you tap into these you will be penalized heavily in the form of fees and penalties. There may be relief if you can prove a hardship exists. Contact the retire plan administrator or insurance company and ask what your options are.
-Make a list of all monthly expenses. Be frugal and stick to only those items you must have. For example:
o Food
o First mortgage or rent
o Additional mortgages
o Utilities
o Transportation for work
Of course there are many other monthly expenses in the typical household; clothes, household goods, and personal transportation to name a few. If you have money available after taking care of the priority expense then look at spending on these items. Luxury or wasteful expenses such as entertainment, vacation, jewelry, movies, dining out, and playing the lottery must be eliminated for the time being. Remember you are working at saving your home,[link widoczny dla zalogowanych], and nothing should take precedent over this.
-Obtain your credit report as well as your credit score. You can obtain these online for about $20.
-Complete a personal financial statement.
-Prioritize assets. Which do you need to keep, would like to keep, wouldn't mind keeping,[link widoczny dla zalogowanych], and which would you just as soon get rid of?
Now comes the moment of truth. Does the net monthly income amount match the expense amount? If the numbers balance you are fortunate. If there is surplus money this is better still as it opens all kind of options. I suggest taking any extra money and paying down credit cards balances, especially those with the highest interest rates.
If you find,[link widoczny dla zalogowanych], as most do, that expenses still outstrip monthly income then you must honestly evaluate your problem. Is it long term or short term? Can it be solved or is there a date certain when it will be? Is it permanent?
So which is the best path from here? Contact a debt professional to help you. Be careful,[link widoczny dla zalogowanych], finding the right kind of help can be very difficult. Attorneys are an option, but surprisingly few attorneys have any expertise in this field.
Look for a non-profit organization such as Consumer Credit Counseling Service. Be wary of individuals or for profit agencies offering these services. Some don't possess the knowledge to complete the task, others are out right crooks. Many just take your money and put you in touch with a lawyer they have selected based on fee arrangements between themselves and the attorney, who not have the qualifications to handle these matters.
Regardless of what decision you make it is important to take action. Get help if you feel overwhelmed. Above all else be prepared to tighten your belt if you wish to salvage your finances, your credit, and probably most important, prevent or stop home foreclosure. SaveMeFromForeclosures. com is a leader in the foreclosure prevention industry. We offer solid information, consultation, and strategies to assist the homeowner in avoiding foreclosure. We offer tailor-made options and suggestions based on your unique situation. Get onboard [link widoczny dla zalogowanych]ay with right company to help you stop foreclosure. Visit our website or call us at 1-888-472-8380 for a no-obligation consultation.Topics related articles：


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