Ever since the current financial meltdown began in 2007, many people have experienced financial difficulties that have included unaffordable mortgage payments, decreased income, or even unemployment.
While this has led many to consider either walking away from there homes or declaring bankruptcy, others have taken advantage of government grants to pay off there debts.
There are several tips that could help you obtain one of these subsidies.
The first tip in obtaining a federal grant is to get all of your information together.
This will include all pieces of information regarding your debt, your recent tax returns, social security cards, bank statements, and other pieces of financial information for yourself and for your dependents.
All this information will end up being verified during the application process.
You will also need to draft a grant proposal letter, which will need to outline how you accumulated a large amount of debt, why you can no longer afford to pay it off, and how you will use any money that you receive.
The next tip in obtaining one of these benefits is to research all that are available to you.
There are many different options available to you on both the federal, state, and county level.
Because of this, you will need to do a lot of research.
It would be best to check out federal websites first, because that will have the largest consolidated list available to you.
Going to the state and local level may also be done online, but you also may be required to apply in person at a local municipalities town hall.
Another strategy that you could take would be to work with your creditors directly.
For example, if you have a large amount of medical bills, you could be able to work with the hospital to have those subsidized.
If the hospital cannot offer you a discount, they may be able to refer you to local agencies that provide low income citizens and families with relief by paying a portion of the medical bills.
For those struggling with mortgage payments, it would be a good idea to contact the mortgagor directly.
Many mortgage lenders are willing to work with struggling homeowners in an attempt to reduce the borrower's payment to a more affordable level.
The lender will do this by either reducing the borrower's interest rate, extend the repayment and amortization period, or possibly even reduce the principal balance that is owed.
While this has led many to consider either walking away from there homes or declaring bankruptcy, others have taken advantage of government grants to pay off there debts.
There are several tips that could help you obtain one of these subsidies.
The first tip in obtaining a federal grant is to get all of your information together.
This will include all pieces of information regarding your debt, your recent tax returns, social security cards, bank statements, and other pieces of financial information for yourself and for your dependents.
All this information will end up being verified during the application process.
You will also need to draft a grant proposal letter, which will need to outline how you accumulated a large amount of debt, why you can no longer afford to pay it off, and how you will use any money that you receive.
The next tip in obtaining one of these benefits is to research all that are available to you.
There are many different options available to you on both the federal, state, and county level.
Because of this, you will need to do a lot of research.
It would be best to check out federal websites first, because that will have the largest consolidated list available to you.
Going to the state and local level may also be done online, but you also may be required to apply in person at a local municipalities town hall.
Another strategy that you could take would be to work with your creditors directly.
For example, if you have a large amount of medical bills, you could be able to work with the hospital to have those subsidized.
If the hospital cannot offer you a discount, they may be able to refer you to local agencies that provide low income citizens and families with relief by paying a portion of the medical bills.
For those struggling with mortgage payments, it would be a good idea to contact the mortgagor directly.
Many mortgage lenders are willing to work with struggling homeowners in an attempt to reduce the borrower's payment to a more affordable level.
The lender will do this by either reducing the borrower's interest rate, extend the repayment and amortization period, or possibly even reduce the principal balance that is owed.
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