Posts Tagged ‘credit counseling service’

How To Use Credit Counseling Service To Avoid Foreclosure?

A can help you in many ways when it comes to achieving a debt free life and getting your finances back on track. Reputable, legitimate credit counselors can even show you some great ways on how to save your home even when you are on the verge of foreclosure. However, for this purpose, you will have to contact an agency that specializes in mortgage delinquency counseling. When such an agency talks to your mortgage lender on your behalf, the chances are that they will be able to convince the lender for a better debt management program rather than pushing the home for foreclosure. You can follow these steps to get the much needed counseling help.

Choose A Reputable Agency

Obviously, the first thing you have to do is to find a reputable agency that offers legitimate credit counseling service. You can contact the National Foundation for Credit Counseling for a list of good agencies that have their offices within 50 miles of your zip code. Make sure you do a thorough background check with Better Business Bureau in order to make sure that there are no complaints against the agency you are considering signing up with.

Get An Appointment

Once you choose an agency with good and clean record, give them a phone call and schedule an appointment. Tell them clearly you are looking for specific debt management programs that can help in avoiding foreclosures. The representative on phone may ask you to bring documents that should show the details of your debts and expenses. However, the agency should not ask for your social security number or other private information. If they do, you should contact another agency.

Discuss Your Situation

Appear in the agency office in time on the date of appointment. Discuss your situation with the counselor. Though your primary concern is to avoid foreclosure through credit counseling service, the counselor may like to discuss an array of other things also, such as delinquent payment on other debts, , credit card debt, and your family budget. This will give them a clear picture on where you stand with your finances. Make sure you remain polite and cordial while discussing all these things in the meeting.

Review The Suggested Options

After getting a thorough understanding about your finances, you will be suggested an array of different plans to get out of the debt trouble and to save your home. It can be a repayment plan, where you may be asked to pay a little extra every month in order to make up for the missed payments. Alternatively, you may be offered a forbearance plan, where you will be required to make a lump sum payment in full settlement of the missed payments within a specific period of time. There might be several other plans as well. So, you will have to carefully review each and every option and then choose the one that is the most affordable and convenient.

Once you sign up for a specific credit counseling service, the counselor will talk to your lender directly on your behalf, making sure that the lender approves the . If your creditor agrees, you will get an opportunity to avoid foreclosure and be current with your mortgage account.

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