Many HUD-approved housing counseling agencies offer pre-purchase education—foreclosure prevention at its best! To view a list of agencies that participate in this program and to find a schedule of workshops, visit the Colorado Housing and Finance Authority. 

Reverse Mortgage Counseling (HECM) If you qualify for a reverse mortgage, you will need to obtain a certificate from a HUD-approved housing counselor. To view a list of HECM counselors, visit HUD. 

Default Counseling All of the Colorado Foreclosure Hotline housing counseling agencies offer default mortgage and foreclosure prevention counseling. Contact the Colorado Foreclosure Hotline or find the agency nearest you.

Tips on Conquering the Mountain of Debts

Do you think that conquering the mountain of debts is an impossible thing? If yes, then today’s article is mainly for you as it is going to change your concept about this topic.

If you have a basic understanding of money management skills, conquering the mountain of debts will become a lot easier for you.

First, you must look at your cash flow. You may look at your bank statements and receipts of previous months to analyze your regular expenses. Thus, you’d be able to eliminate and reduce the unnecessary expense categories from your budget.

Gym memberships, postpaid plans, cable television bundles, and magazine or newspaper subscriptions are the typical expenses you can eliminate from your budget. It will enable you to live by your needs while coming out of your comfort zone.

You can start visiting a nearby park instead of going to the gym. Similarly, you may take a visit to a library to view the publications and reading materials. You can supplement your journey by reading more books about personal finance.

The credit card or moneylender’s loan is a common type of debt that most of the people fall for. So, controlling our credit car habits is the most important thing we must focus on. You can start compiling your credit card statements. Now, you must begin enlisting the debts in accordance with the interest rates. Now, create a plan of paying off your debts on a regular basis. You may start with the liabilities that come with higher interest rates.

We recommend creating a realistic budget based on the cash flow and debts you’ve discovered. Once you’ve successfully paid off your debts, you must focus on maintaining healthy financial habits. Setting up financial goals is the ideal way to stay motivated. You’d also feel more encouraged if you consider sharing your growth to the significant people in your circle. You can also visualize your goals by creating an illustrated board. If you have too many loans from different moneylenders, You may want to get a debt consolidation loan from one licensed money lender so that you only have to deal with one money lender rather than multiple lenders. You can search for a top moneylender here.

It might look impossible to get rid of these debts now. But we guarantee you that you can slowly pay off the debts if you follow the method we’ve mentioned in this article.

Mortgages

The homeownership is made easier with the help of mortgage loans.

The mortgage will be the largest debt of your life because buying a home is one of the biggest purchases in one’s life. The mortgage loans provide you with the facility to pay back the loan in the form of affordable monthly installments.

Usually, the duration of a mortgage loan is somewhere between 20 to 25 years. However, the 30-year mortgages are now becoming more common because the retirement age is going up. Thus, the mortgage lenders can offer you the loan with lower monthly installments.

We recommend going for the shortest term you can afford as it will help in taking the burden off your shoulders. Similarly, it will also help in saving a lot of money that you are going to pay in the form of interest. And you must also keep in mind that you should choose another 25 or 30 years term when you remortgage.

If you consider choosing the 25 or 30 years term for a remortgage, it will get you into a lot of trouble. And you’d hardly be able to pay back the loan amount on time. So, it’s important to look for plans that you can easily afford.

If you require a bridging loan when you are selling your current home and buying a new home, you may want to read more about it on Smart Loan: Singapore moneylender directory. The website provides tips on how to select the best loan deal and how to save money.