It has been several years since the worst of the foreclosure crisis affected North Carolina, but residents are still facing foreclosure. In some cases, banks that own vacated homes across the state have yet to finish the foreclosure process. When a homeowner abandons a house with an imminent foreclosure, yet the bank fails to repossess it, this is known as a zombie foreclosure. A zombie home might not only cause problems for you years down the road, but can threaten the property values of the surrounding neighborhood.
Filing for bankruptcy can alleviate a great deal of the financial stress you feel. However, if you want to fully reap the benefits, you may want to watch out for some common mistakes many people make in this process.
If you are like most people, having a reliable form of transportation is as crucial as shelter and food. You need your car to get to school or work or both. Without a vehicle, it would be hard for you to make a living and get around. When you get in trouble with your auto loan, you may fear losing your car.
Many people in Durham struggle to pay their credit card debts. Some of them are not sure how they can afford the minimum payments and continue to use them. If you rely on your credit cards to help pay your monthly living expenses, you could end up digging a financial hole for yourself. Though credit cards can help you pay for things when you are low on cash, you should not rely on them if you cannot afford to pay them off within a few months.
Young people are often told that a college degree is the only way to get a good job, and getting a good job is the only way to succeed in life. With stakes this high, it is no surprise that many students take on massive loans without thinking twice. Unfortunately, the reality of such debt often becomes clear when it comes time to start making payments. The monthly bill is often simply too high to handle.
Imagine the scenario: You come upon tough financial times. Perhaps you or your spouse lost a job in North Carolina, and you are trying to hang in there on one income. You have had to miss a few car payments to the bank holding your car loan. Other debts are growing as well.
Open enrollment for medical insurance under the Affordable Care Act begins this week. The program has been, in many peoples’ view, a mixed blessing. On the one hand, it imposes financial penalties on most individuals who choose not to be insured. On the other, it has helped millions of people, who would otherwise have no access to adequate care, obtain the insurance they need.