Having multiple lines of credit and loans can be a headache to organize. Sometimes life can get in the way and people can have a hard time remembering to pay their loans or manage them properly. It’s imperative to manage your credit and loans efficiently to avoid any hassle, late payments, or any other detrimental effects of having an installment account.
It’s important to note the difference between an unsecured and a secured loan. Secured loans or debts are connected to an asset of some kind. A car loan is tied to the car itself. A mortgage is connected to the property and house. When secured loans are not paid, lenders are legally allowed to foreclose upon your personal property or repossess your car if the loans are not paid. Unsecured loans are not connected to any asset or property, including credit card debt, utility bills, and personal loans.
The major problem comes in when loans become derogatory or delinquent through missed payments. When it comes to car loans, the lender is legally allowed to repossess the car without your knowledge or consent since the car does not technically belong to you. This can be troublesome because the lender may demand that you pay off the rest of the loan and any storage and service fees to get your car back. If you’re unable to pay back the loan, then the lender can sell off the car and recoup any losses.
There are several ways to avoid any sort of catastrophe when it comes to delinquency. One method includes simply asking the lender to restructure the payment plan, so you can pay it off on your schedule and current income. It does not hurt to ask. Most lenders will help out if you have been a good borrower and never missed a payment; however, they may change the terms in the long run and you might end up paying more than the original loan amount. But this allows you to keep your car, so you can continue working to earn an income.
Another solution is to sell the car outright and pay off the remaining loan amount. If you believe you can live without your car by using public transportation or get a car of lesser value, then it might be prudent to sell off your car to get some cash in hand. Getting an older, less desirable car without ice-cold air conditioning may be the sacrifice you might have to make if you need a vehicle to work. It’s better than having no transportation at all.
Home mortgages can be a several-decade-long commitment that can bog you down if you have a sudden change of circumstances or income. If you begin to fall behind on your mortgage, it’s important to contact your lender immediately to avoid losing your home and having a foreclosure on your hands. Most mortgage lenders will work with you if they believe you’re acting in good faith as unpredictable events and disasters do happen throughout people’s lives. If you have been a good borrower for most of the loan, the lending company will work with you to get your payments on track.
Lenders may temporarily suspend or reduce payments amount to allow you to get a handle on your financial situation. These companies understand that people may go through transitory phases in their customers’ lives, so it is important to contact your lender if you are in a situation where you would otherwise be unable to pay. However, keep in mind that lenders are not going to outright give you a free ride, so when you do get back on track, you may have to pay a little more to make up for any suspended payments.
As a last resort, you may also want to contact a housing counseling agency that may help you negotiate on your behalf or help you set a budget with the lender to get back on your feet. Foreclosures tend to affect the whole neighborhood and community, not just the person living on the property. A lot of local agencies and housing authorities are willing to help in these situations to avoid letting the neighborhood “go bad.” So it is always worth a shot to contact a housing counseling agency or even the local Department of Housing and Urban Development in your city or county for assistance.
If you believe that you have a low credit score, you should pull your credit report and examine what exactly is giving you a bad score. Contact us at Fix Your Credit Consulting for a FREE consultation. Call (877) 212-2450 for more information. We will be more than happy to answer any questions you may have about your credit history and score.
We also invite you to click on the following link to Interest: Is a Debt Consolidation Loan the Best Choice?
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