My credit is already ruined because I ‘m trying to get a modification on my mtg and haven’t paid my mtg since 11/2010. Want to get out of the 30k credit card debt too.
Should I wait until the modification is over or do everything at once. Also should a use a consolidation company or use a debt settlement company. Can you recommend the best one in each category that you know of. Is the non for profit ones better ? Do you know of the best one to use.
Since you have already jumped in on the mortgage, I would get the credit cards taken care of at the same time. Lenders don’t like to see that you are behind on your mortgage but that you have no problem continuing to pay the credit cards.
As far as good debt settlement or CCCS companies go, it really depends on your situation and what you are looking for. If you are 7 months or so behind on your mortgage, I think you need to first take an overall look at your financial situation and life circumstances before you start trying various strategies. The problem with contacting many of these programs before you have an understanding of what you need, is that what will happen is the CCCS company will usually try to enroll you into their program, and the debt settlement company will try to enroll you into their program.
Good company or not, they typically are not the best source for unbiased advice. Also you may not need either solution, or perhaps you want to look in to negotiating with the creditors yourself. Maybe depending on your cash flow, and overall situation, the best bet is to let the credit cards go, but then wait to see what happens with the mortgage before deciding how best to handle the credit cards.
It is possible that the Loan Mod doesn’t go through and you might end up losing the house. Perhaps we need to look at Bankruptcy in that situation.
The point is, there are several steps and decisions you need to make before you need to worry about whether or not to hire someone and if so then who. The last thing I want to do is send you out on a wild goose chase.
If you would like to share your overall financial situation with me in detail, we can put together a very specific plan based on your circumstances and goals. I will be able to tell you exactly what you need to do and when you need to do it. Also when the time is right and if need be, I can point you to some good companies that offer the solution you need, if you need one. Regarding debt settlement companies, I can also get you significant discounts off of their fees if the need to hire one of them arises.
You can contact me through my website to set up a consultation.
Damon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at DamonDay.com
If you have a debt related question you’d like to ask, just use the online form.