Being a single mother is in itself a tough position to be managed. On top of that, if you are required to handle the debt issues, things can really seem to slip out of your hands. You may even end up losing your home. So, what can you do to save your home from foreclosure and yet get out of debt as a single? Simply trying out the debt plans are not going to help you in such a situation. You will be required to try out different other things too. You will have to lower your expenditures as much as possible and in addition to that you will also be required to try out different other sources of income to increase the flow of incoming money. Furthermore, you will also be required to compare and opt for the right kind of debt relief option. You can try to check debt consolidation vs debt settlement to decide which will be the best option for you depending on your debt situation.
Single mom – Working on debt pay off
When you are knee deep in debt you will be having problems in handling both the payments on the secured and the unsecured debts. However, if you can manage to lower the amount that you will be required to pay agaisnt your unsecured debts, it may become easier for you to handle the mortgage payments, if you can manage to keep up the mortgage payments you will also be able to keep your home as a single mother.
So, you will be required to decide which form of debt relief may be able to help you ease the debt payments to some extent. You can use the debt pay off calculators to compare amongst the different options, you can try to check out debt consolidation vs debt settlement. You can try to check out debt settlement vs debt management and so on.
In addition, you will also be required to try and improve your income. Though you may be getting some dollars in the form of the alimony, it is important for you to try out different money making options. You can try to make some money online and use that to keep up with your mortgage payments. In addition, you can also try out the different government grants which are provided for the single mothers.
There are also some forms of financial help options available for the single mothers. These kinds of financial programs may help you as a single mother to keep your home. These financial programs may help you in lowering the mortgage payments on a monthly basis. Foreclosure not only results in loss of your home but also hurts your credit. This can create increased problems with regards to your debts and credit. Moreover, if you lose the home, you won’t even have a proper place to live in with your child.
So, it would be better for you to get the loan modified or refinance the same to save your home. These help you in retaining your home when you are low on affordability.