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consolidate debt Most automobile financing agreements allow a creditor
to repossess your car any time you're in default. consolidate debt No
notice is required. consolidate debt If your car is repossessed, you may
have to pay the full balance due on the loan, as well as towing and storage
costs, to get it back. consolidate debt If you can't do this, the
creditor may sell the car. consolidate debt If you see default
approaching, you may be better off selling the car yourself and paying off the
debt: consolidate debt You would avoid the added costs of repossession
and a negative entry on your credit report. consolidate debt
If you fall behind on your mortgage, contact your lender immediately to avoid
foreclosure. consolidate debt Most lenders are willing to work with you
if they believe you're acting in good faith and the situation is temporary. consolidate debt
Some lenders may reduce or suspend your payments for a short time. consolidate debt
When you resume regular payments, though, you may have to pay an additional
amount toward the past due total. consolidate debt Other lenders may
agree to change the terms of the mortgage by extending the repayment period to
reduce the monthly debt. consolidate debt Ask whether additional fees
would be assessed for these changes, and calculate how much they total in the
long term. consolidate debt
If you and your lender cannot work out a plan, contact a housing counseling
agency. consolidate debt Some agencies limit their counseling services to
homeowners with FHA mortgages, but many offer free help to any homeowner who's
having trouble making mortgage payments. consolidate debt Call the local
office of the Department of Housing and Urban Development or the housing
authority in your state, city, or county for help in finding a housing
counseling agency near you. consolidate debt