I am facing financial hardship – What can I do?

My financial condition is extremely bad. One of my creditors has garnished my wages. I am lagging behind my mortgage payments. My credit score is 505. No one is approving my loan applications. I can’t even file bankruptcy as it is not possible for me to pay the attorney fee. What can I do?

4 Answers

Sorry to know that you are in a financial hardship. You may try to get help from your friends or relatives.

If you are not able to qualify for loan modification, then you may try to look out for a pro-bono attorney. The second option will be to file bankruptcy on your own. This is commonly known as pro se filing. You can file bankruptcy on your own by doing some research. 

Go for credit repair. Repay your unsecured debts as soon as possible so that you can repair your credit score immediately. And yes, instead of refinancing your home loan, modification would be a better option for you as you can easily alter the terms and conditions of the loan.

It is true that with the credit score that you have, none of the lenders will be ready to offer you a loan. As you're lagging behind your mortgage payments, I will suggest you to contact your lender and apply for a loan modification. This will help you in getting a better and affordable payment plan to pay off your debts.

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