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Debt management may help avoid losing home
By Marvin Milner on Jun 23rd, 2010
There are a number of bills that consumers may have to face each month, including those for credit card debts and home loans.
As these can pile up, especially during tough economic times, some people may find they are having difficulty keeping up with what they owe to their creditors. While not paying a card balance will hurt a credit score, being negligent on a home loan could eventually lead to a person losing their property.
However, Fannie Mae recently put out some advice for homeowners who are having a hard time keeping up with their loan payments. The government-sponsored company said consumers should consider going to a housing counseling agency, which can help them develop a spending plan to avoid foreclosure.
"In some cases, a housing counselor can enroll you in a debt management plan that could reduce your monthly payments to other creditors and help you stay current on your loan," Fannie Mae's website said.
While some consumers are already in trouble, those who are currently looking for a home can avoid being put in a circumstance where they face financial hardship. Buyers should make sure they stay within their price range and take into account other monthly expenses, such as insurance or taxes.
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