Everyone wants their money

By | September 24, 2016

Yes, everyone wants their money, however, some have leverage to get it and some don’t. I am not a lawyer, but if you are buying the house through a standard mortgage arrangement, most states will consider it off limits of unsecured creditors. (It’s your homestead.) This means that if you continue to pay the mortgage payments, the house remains yours. Other creditors may sue you and receive judgments, however they should not be able to force you to sell the house.

The best advice I have heard is to lower your lifestyle to match your income, i. e. live below your means. Then begin paying off unsecured creditors by making small payments to each one OR by saving enough to pay them off one at a time. If you use the latter method, you may be able to negotiate a settlement of less than what you owe for paying in full.

In the meantime, you will continue to get calls and letters. You may even get sued. Don’t get stressed by that. You can work yourself out of the debts if you think clearly, work hard and get your spending under control.

God bless you.