I have defaulted on my mortgage. The total loan amount is nearly $75,000. So far, I have made the payments on time. My credit is also good. However, I can't afford to make the payments anymore. This is why I approached a mortgage modification firm last week. But that company is charging a huge advance fee. I can't afford to pay this fee. What should I do now?
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.