Here is how the previous situations can become like tornadoes. The remaining balances from a car note can be sent to collection firms. If there is a judgment on the account, interest may start to accrue. If people are able to convince another creditor to finance them, they may have to pay close to 30% in interest for another car. This is what a lot of people say. They say I will just pay my current car note and get to the old one a year sometime down the road.

When they get their paycheck a month later, they are shocked when they find out that they have been garnished for the first car. Guess what? Now they don’t have enough money to pay for the current car. When I worked in collections, I personally encountered at least one of these situations each year.

Too many people that get their houses foreclosed also try to hide from their lenders. Because repossessions and foreclosures can take months to complete, the credit scoring system can knock down scores dramatically. There are programs that can help people with their foreclosure situations. Many people can avoid foreclosure if they would do two things. 1. Stay in contact with their mortgage company. 2. Reveal their complete financial situation to their mortgage company.

If you are barely making ends meet or are starting to fall behind on your bills, get help now. Don’t be like other people that just put their heads in the sand and think everything is going to be alright. Repossessions and foreclosures can create financial and emotional damage. If you are dealing with a foreclosure or repossession call 313-744-5977 or drop an e-mail to [email protected].