Here is an article from News magazine offering five reliable ways to quickly repay your mortgage and other debts. Of course, these are possible solutions when you still have room to maneuver. If your case is more serious, please contact us. http://churchofgodanonymous.org has more notes
Accelerate your payments
If your mortgage allows you to make additional payments, consider applying your annual performance bonus, your tax refund, or your cash gifts to pay your principal. Better yet, plan for some additional mortgage payments from your payment schedule. A simple solution such as payments every two weeks rather than every month will allow you to shorten the repayment period of your loan by several years.
Pay off your debts first
Are you wondering if you should put money aside or pay off your mortgage? Here’s what you need to know: If your mortgage has a 5% interest rate, paying it back will be equivalent to getting a 5% return for your money. Your winnings will be even more significant if you bleed the balance of your high-rate credit card. In most cases, you will receive a guaranteed return of 19%.
Reduce your expenses
Look for ways to lighten your household budget and use the money saved to pay off your mortgage and other debts faster. Start by slashing luxury spending. The few hundred dollars you save on restaurant bills, clothes, haircuts, manicures and travel will give you a big boost to lower your debt load.
Adjust your high rate debts
If you have accumulated long-term debt with a high interest rate, such as a large credit card balance, your priority should be to pay it back. Consider getting a secured line of credit with a low interest rate to pay your high-rate debt.
Demand a better rate
Call the company that issued your credit card to negotiate a lower interest rate. Once you have cleared your card balance, consider using these savings to make additional payments on your mortgage.