by First Rate Debt Solutions
27. October 2009 11:28
As more and more Americans find themselves in financial distress, this question may be one of the first ones they ask. If you find yourself in a situation where your monthly obligations are exceeding your take-home pay, you know you need to make some tough decisions.
In almost all cases, the mortgage is more important than the credit cards. After all, you do need a place to live. But what if it’s the mortgage that caused your credit card debt? What if an adjustable mortgage or a cut in pay has forced you to put regular bills like groceries and medical expenses on your credit cards because your mortgage is sucking up the majority of your pay check?
That’s a problem that has to be addressed first.
If you cannot make your monthly mortgage payment then you have 3 basic options (assuming that a refinance has already been attempted). A short-sale, a foreclosure, or a loan modification. Which option you choose will depend on you and your current financial situation.
In the meantime though, keep making your mortgage payments while you figure that out and let the credit card payments slide since that won’t affect where you live. Please note though, this is very general advice and only a true financial professional can help you with your situation. The experts at First Rate Debt Solutions have the experience and the programs to help you make the right choices. Help is just a phone call away
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