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Out of Money, Out of Options, Out of Hope

Out of Money, Out of Options, Out of Hope

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Published by Robert Pagliarini

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Published by: Robert Pagliarini on Jan 19, 2010
Copyright:Attribution Non-commercial

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05/11/2014

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Out of Money, Out of Options, Out of Hope
By
 
Robert Pagliarini –Columnist for CBS MoneyWatch
I wrote a post recently titled, "Are theUnemployed Lazy?" and received aheartfelt comment from @AlekKirstein.He shares his situation and his fears. He'sliving on the edge, and feels like he isabout to fall off at any moment.Unfortunately, @AlekKirstein is not alone.There are literally millions of hardworkingpeople have become victims of thiseconomic crisis. If you were living on theedge and then, because of a layoff orother event, find yourself pushed over theedge, you must take immediate action. Ishared these tips and a few others with@AlekKirstein and I want to share themwith you to:
Hope for Homeowner's.
Contact your lender to see if they areparticipating in government-sponsored Hope for Homeowner'sprogram (www.hud.gov/hopeforhomeowners).
HOPE NOW.
HOPE NOW is an alliance between HUD approvedcounseling agents, mortgage companies, investors and othermortgage market participants that provides free foreclosureprevention assistance (www.hopenow.com).
MakingHomeAffordable.gov.
Easy to use website todetermine if you are eligible for loan modification or refinancing(www.makinghomeaffordable.gov).
Bankruptcy.
Obviously, this is not a first choice, but sometimesit's the only choice. Don't expect to get a fair opinion from abankruptcy attorney or similar service since they have a vestedinterest in you filing for bankruptcy. If you can scrape together$75 or $100, spend an hour with a fee-only financial advisor whocan run some figures and let you know if it makes sense or not.You can find an hourly financial advisor through the GarrettPlanning Network atwww.garrettplanning.com.

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