When you get a job, start a business, or get married, you never think hard times are going to happen. We all operate under the hope that these times bring and believe that they will always be the reality of our lives. Unfortunately, that’s not always the case. Companies downsize, divorces happen, and sometimes we get sick. When these instances happen, they can put an intense strain on our finances. Nothing is more stressful than having financial issues and it’s easy to feel like you don’t have any options. If you own a home, you may feel even more desperate. However, your home is an asset that can help you out of a difficult financial time. Consider working with a company that can give you cash for your home in Tampa, FL. It may provide you the financial relief you need.
Along with working with a company that provides cash for home buyers in Tampa, FL (an option we will discuss in more detail), there are a few options that you can employ to reduce your debt. These include:
On option to consider is consolidating your debts into one account. In this scenario, the individual applies for a consolidation loan with the lending institution of their choice. This loan essentially pays off all your debt and the individual simply provides regularly scheduled payments to the lending institution. This accomplishes a number of objectives. It closes the open accounts that are negatively impacting your account. Secondly, paying debt is easier to organize because you are paying fewer entities on a regular basis. Third, by consolidating your debt, you may qualify for lower interest rates and lower monthly payments, which can also help you get back on your feet.
While a considerably more drastic option, it’s one that you can’t completely ignore if you have significant debt. The most common forms of bankruptcy are chapters 7 and 13. In chapter 7 bankruptcy, assets that are deemed “unprotected” are used to pay off your debt. In chapter 13, you submit a repayment proposal to pay off certain debt in 3-5 years. A trustee will distribute payments to creditors and the amount you pay will be determined by your income and specific living expenses.
Your home is an asset that can be used to pay off your debt. However, if you are behind on payments, time is of the essence. You do not have time to list your house, show it, and wait for offers. Ethical Home Buyers is a home buying service that purchases homes from people in a variety of financial circumstances. We also purchase homes throughout the Tampa Bay area.
Disclaimer: This website is not a substitute for legal advice. If you have a serious legal, tax, or other issue requiring professional advice, please consult with an attorney or CPA.