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Debt relief options

The credit rating of an individual affects his or her ability to get a loan, the interest rate for the loan, as well as other terms and conditions. The association of independent credit counselling agencies provides advise to home owners on the consequences of non repayment of the monthly loan installments, and also measures that they can take to prevent foreclosure due to non payment of the home loan.

A person who is unable to pay his debtors, may have to file for bankruptcy in the relevant US court, depending on the nature of the bankruptcy. A home owner who is facing the prospect of foreclosure is advised to check the bankruptcy procedure, especially if the value of the home has declined substantially. It appears that officials are deliberately not recording the payment from a particular person to ruin the credit rating of the person. For example for SBI credit card and Airtel , payment was made in November 2016, yet hackers have manipulated the system and are falsely claiming that payment was not made to ruin the reputation, credit rating of the person who made the payment

When the home owner defaults on the home loan repayments, the companies who are worst affected by the non payment of mortgage are the banks, who have lent the money to the home owners. In case of non payment of the home loan, these mortgage banks may initiate foreclosure, so that the home is repossessed. The banks may offers concessions to home owners who are unable to repay the loans due to factors beyond their control.

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