Behind on Auto Loan Payments? Here's How to Handle It.
If you feel like you've been struggling to keep up with car payments, you're not alone: According to a recent report from the Federal Reserve Bank of...
2 min read
Lisett Comai-Legrand
:
Feb 4, 2021 4:15:00 AM
Seeking housing assistance can be a complex, confusing process. Whether dealing with a job loss, reduced hours at work or other unanticipated financial challenges. These circumstances can cause fear, anxiety and stress-especially when it can lead to losing a home. If you are struggling to pay your mortgage or rent or are facing foreclosure, don't wait to get help. Here's what you can do now:
If you own your home, contact your mortgage servicer provider as soon as you think you have a problem and explain your current situation. Most creditors are willing to work out alternate payment plans, especially in emergency situations such as job loss or major illness.
If you are renting, reach out to your landlord ASAP to discuss what options may be available to you, such as payment deferral, a repayment plan, or adjusting the lease terms based upon a recent hardship. Whatever decision you and your landlord come to, be sure to get it in writing.
When working with a service provider, it's important that you take the time to understand the options being presented to you so that you can make the right choice for your individual situation. Plan options will vary based on your loan type and the severity of your financial situation.
If you are unable to work out a solution with your landlord, explore other options that may be available to you:
Be sure to find a reputable resource for information on working with lenders, and be especially wary of anyone who claims they can "fix" your credit. There are no quick fixes when it comes to protecting your home, and no service can guarantee to reduce your payments, interest rates, or principle. The only thing that can fix your credit report is time and a positive payment history.
Only work with nonprofit housing counselors who have been approved by HUD. You can check HUD.gov for a list of approved counselors. If you suspect any scams, report the organization to the FTC.
Through our partnership with GreenPath Financial Wellness, you have access to free housing counseling and other financial counseling services. GreenPath's counselors can help you understand your options and develop a budget and a plan for paying down debt. Give them a call or request a counseling session online today.
Struggling homeowners can also contact the Homeownership Preservation Foundation (888) 995-HOPE which offers free foreclosure prevention and counseling.
If you are struggling with making your rent or mortgage payments First Alliance Credit Union may be able to help you. Our Member Advisors are here to help you with no judgement, just guidance. We have a wide range of options to help you get back on track with your payments so you do not have to face eviction or foreclosure.
If you feel like you've been struggling to keep up with car payments, you're not alone: According to a recent report from the Federal Reserve Bank of...
Are you hoping to get a refund from your tax return? If so, you’re not alone. Many people intend to use their refund as a "forced savings plan,"...
If you have received a notice of wage garnishment, sometimes referred to as income withholding, it can be very stressful. While this type of court...