Making an on-time mortgage payment can be difficult if there’s an emergency or unexpected expense. What if a one-time incident caused you to stumble, but you can regain footing? Or, what if you are stumbling and the financial hole is becoming deeper and deeper? Below are 10 warning signs to gauge if the state of your finances calls for action.
#1 Avoiding financial documents such as mortgage and credit card statements.
#2 Relying on credit cards to pay for everyday expenses such as food and gas.
#3 Getting behind on or missing mortgage payments.
#4 Skipping bills each month to cover your mortgage payment.
#5 Playing catch-up for bills that had been missed the previous month.
#6 Paying late fees and finances charges.
#7 Screening phone calls from your mortgage company or bill collectors.
#8 Worrying about missed payments keeps you up at night.
#9 Maintaining an emergency savings is not possible.
#10 Saving for retirement has stopped, never started, or you’ve taken out a loan against a retirement account.
Do you identify with these behaviors? The first step is being aware there is a problem. Is your mortgage or other bills paid late each month? Is your budget out of balance, have you maxed out credit cards, or pay high fees and interest? If so, do you recognize the financial strain as a problem? If you’ve been treading water, do you have a plan to get back on track?
Use the warning signs as indicators to take action and start problem solving. Identify the problem and the root causes. Then, prioritize your financial concerns and seek input from an unbiased and trusted HUD-Certified non-profit financial counselor to confidentially discuss your individual options.
LSS Financial Counseling offers free and confidential in-office or over the phone appointments by HUD-approved Foreclosure Prevention counselors. A housing specialist can review your finances and guide you through the options for your mortgage, as well as help you create a plan to address your budget, credit card, and other debt.
Waiting limits your options, take action and call LSS Financial Counseling at 888-577-2227 today.
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