Jackson Mississippi Bankruptcy Law Blog

Homeowners in Mississippi who are struggling to stay current with their mortgage payments can understandably be concerned about the potential prospect of losing their homes if they cannot find a solution to their financial challenges. One option that has helped some people over the years is a home loan modification. This involves working with the bank lender to negotiate new terms such as a lower monthly payment and maybe even a reduction in fees so that owners are able to make their monthly payments.

For many homeowners who endured the hard years during and after the recession, a loan modification may have been sought. For those people with mortgages held by Wells Fargo, however, this effort may have not helped them but actually hurt them.

The healthcare costs in this country are a constant topic of conversation. They seem to be rising at alarming rates with no end in sight. For this reason, many people in Mississippi are stuck with large amounts of medical debt. However, what group seems to be most affected may be surprising to you.

According to STAT, it is the middle class who suffers from the most medical debt. This group is more likely to be uninsured or underinsured and not have the extra funds to pay off debt. It does not help that Mississippi has the highest medical debt in the country or that it has one of the highest rates of adults who do not have adequate insurance, which contributes to debt.

When you lose your job in Mississippi, you may wonder if you will lose your home because you can no longer pay the mortgage. It is important to take action as soon as you become unemployed so you can examine all of your options.

Sometimes you may feel tempted to ignore the mortgage while you search for another job. According to Go Banking Rates, you should typically speak to your lender once you realize you will not be able to make the payments on your home. It is a good idea to write a letter that explains the situation and informs the lender that you are seeking new employment. This demonstrates to lenders that you are trying to be a responsible homeowner. If you take these steps, you may be able to develop a temporary payment plan that lasts until you have a new job. Additionally, it is a good idea to look over your insurance policy. Some policies include mortgage protection insurance and this can usually cover your property taxes and mortgage payments.

Many people in Mississippi who find themselves with increasing levels of credit card debt may often wonder how in the world they can eventually make their debt decline instead of continue to grow. Even when making payments every month, interest rates, annual card fees or late fees can counteract their best efforts to get out of debt. Bankrate suggests that there is one relatively simple thing people might try to help.

A 2017 survey found that 69 percent of consumers were able to have their credit card interest rates reduced by simply picking up the phone, calling their credit card servicers and asking for this rate reduction. Making this request should be done within reason, however. For example, if a person's current interest rate is 25 percent, they should not expect to receive a reduction to five percent. They should also do their homework to be educated about current rates.