Should You Use a Credit Counselor?

After a foreclosure in NYC , you may ponder, “How did I get myself into this situation”. You’ve packed your home and now downsized. You are back to being a renter. However, there is still hope. You can pick up the pieces and get your finances back in order. You can own a home again soon, should you choose. This can be accomplished on your own, or you may need the help of a credit counselor.

1. Bill collectors are calling you
The number one red flag that you may need help is the constant phone calls from bill collectors. You have no time to think of a way out of debt.

2. You’re living paycheck to paycheck
Initially, you could have been on top of paying your mortgage on time. Then, that one emergency struck placing you one month behind on your mortgage. Then, another emergency a few months later follows. Now you are to the point where you are now behind on your mortgage.

If you didn’t reach out to your lender to make a catchup payment arrangement, this could have led to your foreclosures NYC. So now, you are renting and must ensure you are paying your bills on time. Yet, saving money for your next move is equally as important. How do you plan this if you are living paycheck to paycheck?

3. You have tension in your home
Drowning in debt is a major factor to tension in your home. Couples fight, children want to know why they can’t have money to go out with their friends, and bills still pile up. Everyone is stressed. The constant arguing will not be a solution.

Credit counselors are an outside source looking into your financial situation. They can find solutions you may have been blind to. There are many resources available to help you during and after foreclosures NYC. They may refer you to a debt management program.

You can reach out to a HUD approved counseling agency to get you back on track. The U.S. Department of Housing & Urban Development (HUD) is available at (800) 569-4287 or you can visit their website for a listing of approved housing counselors.