Refinancing your home can save you hundreds of dollars each month depending on several factors, such as the terms of your current mortgage and the value of your home. However, it is important to keep in mind the costs associated with a refinance. There are many occasions where a homeowner will end up accumulating more fees than savings during this process. It is vital to choose a lender that suits your unique financial circumstances in order to come out on top with your newly financed loan. Searching for a lender that aligns perfectly with your needs can be the most overwhelming and tiresome task.
Our Sr. Adviser’s have made the entire process much easier for you. Each lender has different criteria from what they consider to be qualified to refinance. We have accumulated all of the information necessary to determine the lender that will best suit your unique situation.
One of our most popular questions is, “Have you heard of any bankruptcy alternatives? Does debt settlement really work?” A simple answer to this very broad question is yes, it works! However, there are a number of circumstances that play into whether debt relief services are the best option for you and your financial profile. Settlement is extremely effective when you have fallen behind on credit card payments, or have medical accounts in collections.
How Debt Settlement Works
The objective of debt relief is to reduce or completely eliminate unsecured debt such as credit cards, and medical related bills. Unfortunately, these services are not effective for secured debt such as your mortgage or car loan. Once you have decided to move forward with debt settlement, you will completely stop making payments to your creditors. Instead, you will pay into an escrow that will eventually pay your settlement amount to your creditors. Your debt settlement amount is considerably less than your current debt total. There are no upfront fees, whatsoever.
Is Debt Settlement For You?
Debt settlement services will not work for every one. You must consider what factors have contributed to your debt, as well as the alternatives that are available to you.
Monthly Expenses Graph
Ask yourself a few questions.
- Do I have at least $10,000 in unsecured debt (credit card, student loans, medical bills, personal loans, court judgement, income taxes, back rent)?
- Have I missed several payments, or am I currently behind?
- Have I been struggling to maintain other bills?
- Have I considered bankruptcy?
- Can I afford to pay $300 or more towards eliminating my debt?
- Has my credit score taken a fall?
Ready, Set, Call
If you answered ‘yes’ to the majority of the above questions, you are most likely a candidate for debt settlement. Your next step is to completely understand what debt settlement is and how it works. The best way to grasp an understanding of debt settlement is to call 1-855-364-4855 for a free consultation. You will speak with a friendly representative who will explain to you in depth what to expect, as well as calculate your expected term and monthly payment. The majority of our clients are debt free in 24 months or less. You may fill out a short form instead, and a representative will contact you within 24 hours.
Prepare Your Self
Our best advise is to be prepared. We suggest compiling a list of questions to ask your representative during your free phone consult:
- Can you calculate my estimated monthly payment? (Based on your total amount of debt)
- How many months will it take me to pay off my debt? (On average 24-48 months, can be more or less)
- Will the results be permanent?
- Do you have any customer testimonials that I can read?
- Will this affect my credit in a positive or negative way?
Ask yourself once more, “Does Debt Settlement Really Work?” If you have found that these services are not a good fit for you, there are other alternatives. Do your research. Read through our articles on each of the below topics so that you have a thorough understanding of what is a good plan for your unique circumstances. Unfortunately, the list below may come with penalties. We recommend to educate yourself on other options beforehand.
- Borrow money from family or friends
- Borrow from your savings or 401 K
- Take out equity on home
It’s safe to say that after the global financial crisis back in 2007, the entire economic situation hasn’t been exactly peachy. In fact, reports show that the average American owes somewhere around $7,000 worth of credit card debt. When you add regular bills, taxes, fees and other things which are due for payment, this number is quickly going to increase. Getting a proper debt relief plan is essential but you have to make sure that you’ve come up and tried every other solution prior to reaching out to debt settling just to make sure there are no other options. However, there are a lot of benefits of debt settlement companies that you should also take into serious account.
Appropriate Debt Relief Plan Custom Tailored For Your Situation
This is the first thing that you have to consider as a benefit of debt settlement companies. They are going to enter in hard negotiations with your creditors on your account and are going to try to convince them to accept a smaller amount of money than what you actually owe them. While this may sound crazy, the situation is extremely uncertain, and you’d be surprised how many creditors are willing to get something less than what is due to them instead of risking the chance of not getting anything at all. Debt settlement companies are well aware of this fact and are going to use it to your advantage in order to help you get out of debt. Of course, you’d have to pay a commission after the plan is crafted but, quite frankly, that’s the least you can do.
Is Debt Settlement For Me? – The Most Important Question
Not every kind of debt is going to be eligible for debt settlement. Creditors are only going to consider this option if you haven’t put collateral to ensure your debt. For instance, mortgage is a kind of debt that won’t get settled this way simply because the creditor knows that he’s going to take the mortgaged property if you fail to pay off your debt. This form of debt relief is suitable if you have credit card debt, for instance, as there is nothing ensuring this kind of loan and, therefore, banking institutions would be inclined to consider it.
Benefits of Debt Settlement
The strongest benefit of debt settlement is without a doubt the fact that you’d pay less than what you actually own to your creditor. You are also going to get out of debt, which is ultimately the main goal of the entire endeavor. Make sure to pay attention to the procedures, though, because this is an incredibly impacting matter.
There is much talk on how to achieve an excellent credit score after trauma has occurred to the health of your finances. The road to recovery is a tricky one, however it is well worth the work involved. Though it may seem that achieving your goal score is the only hurdle to be jumped, there is a significant question that is often left unanswered. Once you have achieved your goal, what comes next? There are 3 rules to maintaining excellent credit that are very simple yet effective. There are several ways to prevent your new squeaky clean score from ever becoming tainted again. Following these steps will assure that you leave your old bad habits in the past.
1. Don’t Borrow More than You Can Afford to Pay Back
This should go without saying, however, borrowing more than what you can afford is very common due to optimism of finances. How many times have you overindulged on a vacation, a new outfit, or holiday shopping knowing that with your next paycheck your finances will be back to normal? For most, this spending behavior will not impose a negative effect on your finances. However, in some situations finances do not match with the consumer’s optimistic plans. The consumer is then left to deal with a credit card charge that may be too large to repay in a timely manner, or a bank account dwelling in the negatives. To prevent a miner financial crisis from turning into a much larger financial crisis, set a spending limit each month and obey it. For your bigger purchases, complete savings schedule and set a date for when you plan to make your purchase. If you do find yourself in a financial crisis, and debt is becoming more of a burden, debt consolidation may be of interest to you.
2. Keep up with Due Dates
Keeping track of the due dates for each bill you have every month can be one of the most tedious and unforgiving tasks of all. Even the most organized of consumers may find one or two monthly bills slipping past their memory from time to time. Most believe that the key to conquering the due date is to keep yourself organized, which is true. Currently our favorite budget planner is excellent at keeping our monthly utilities and expenses organized and easy to read. However, planning is only part of the battle. An organized folder will not aide you in paying your internet bill on time if it is out of sight. Keep your organized bills with their due dates on display in an area that you visit frequently in your home or office. Such areas may be found near the mirror you use most often in your home, directly under your key rack, or marked in red on your desk calendar at work.
3. Check Your Credit Often
Checking your credit has been a bit of a taboo subject. Many consumers have been worried away with concerns that multiple checks will actually lower their score. Truth be told, monitoring your credit using a service such as MyFico will not lower your rating. On the contrast, using a monitoring service will only help to improve your score. If you find any information that may be false, inadequate, or missing you have the opportunity to dispute that incorrect information and update your file. Minor errors such as an incorrect date or an incorrect dollar amount can have a substantial effect on your overall score.
Following these rules will assure that you retain the outstanding credit health that you have gained. It is important to keep in mind that achieving the credit score that you have been working towards for so long is only part of the battle. Upholding your perfect credit score is obtaining by spending within your limits, paying bills on time, and monitoring your credit.