Related Consumer Finance Programs - The following sub-directories of companies offer a wide variety of financial programs to assist you with the management of your finances. Consolidate debt with a consolidation loan or use a debt counseling service or mortgage refinance for help with the consolidation of your charge card debt and other monthly payments.

• Debt Consolidation Company - Are your bills piling up? Lower your monthly payments and consolidate them with a debt consolidation loan or a related service.
• Personal Loan Companies - Need a smaller loan? Personal loan financing is most often unsecured. Meaning... your home or personal property is not used as collateral and the loan decision will typically be based upon your credit history and your ability to make the necessary payments. Also, this is often referred to as a signature loan.
• Debt Settlement Negotiation - Too much debt? List of companies providing this alternative to bankruptcy that provides for debt negotiation and arbitration services for those that need to eliminate debt.

The New Climate for Mortgage Borrowers

If You Can't Make Your Mortgage Payment

Ask your lender or loan servicer about restructuring or refinancing your mortgage as soon as possible. Remember that if you miss payments and default on a mortgage, you could lose your home. The lender has the right to foreclose — to sell your home to raise money to pay off your debts. You could owe the lender more money if the home sale doesn't cover your debt. You also could severely damage your credit record, which would make it more difficult to borrow money or get a job or insurance in the future.

Contact your lender or loan servicer as soon as you think you may not be able to make your loan payment and let the servicer know you are serious about addressing your debt problems and staying in your home. "The lender or servicer may be more willing to work with you on a solution if you show them that you are acting in good faith to improve your debt situation and address other problems," said Donna Gambrell, Deputy Director of the FDIC's Division of Supervision and Consumer Protection.

Also, don't assume that your lender wants to take your home. For cost and other reasons, most lenders prefer to avoid foreclosing on homes and selling the properties. In addition, federal and state banking regulators, including the FDIC, have encouraged lenders and mortgage servicers to contact borrowers directly, assess their ability to repay, and pursue appropriate strategies to help creditworthy consumers avoid defaulting on a loan. These strategies may include modifying loan terms (perhaps by lowering the interest rate or extending the repayment period) and converting ARMs into fixed-rate loans. "Institutions are encouraged to work toward long-term sustainable and affordable payment obligations," said FDIC Chairman Bair, who added, "Clearly, fixed-rate obligations provide the best opportunity for long-term stability."

So if you get a call or letter from your lender or servicer regarding the upcoming reset of your loan, be sure to respond.

FDIC Consumer News is published by the Federal Deposit Insurance Corporation

FDIC Consumer News is produced quarterly by the FDIC Office of Public Affairs in cooperation with other Divisions and Offices. It is intended to present information in a nontechnical way and is not intended to be a legal interpretation of FDIC or other government regulations and policies. Mention of a product, service or company does not constitute an endorsement.

Find current and past issues of FDIC Consumer News at http://www.fdic.gov/consumernews. Refer to this same index to locate the issues that are specially formatted for being reprinted in any quantity.

To receive an e-mail notice about each new issue of FDIC Consumer News posted on the FDIC Web site, with links to stories, follow instructions posted at www.fdic.gov/about/subscriptions/index.html.

Last updated on 11/08/2007

• Comparison Shop for Loans - Tip from the FDIC that reminds you examine both the total dollar or interest costs and the APR (annual percentage rate) when evaluating offers on loans.
• What Type of Credit do You Need? - Consumer credit is financing to purchase goods and/or services for personal, family, or household use. Or, it may be used to consolidate debt you already owe. But, what type of financing do you need: a revolving credit line, an installment loan or a consumer lease?
• Remember to Review Your Credit Report - Many consumers neglect to take a look at their credit report or credit scores until going to apply for or until after being denied for a loan.
• Basic Tips for Managing Money - Credit Solutions offers the following tips and information to give you ideas on how to control your spending, to manage your budget and to save money.

DebtConsolidationLoan.com is a service of Infinamic, Inc. All debt consolidation loans and financial services information is deemed reliable, but not guaranteed. Infinamic, Inc. is not responsible for the content and services, that may be provided to you, by following the links from this web site. Use this service at your own discretion.