Guiding You Through Your Important Legal Needs

Tracking expenses before seeking a loan modification

Most people experience financial hardship at some point in their lives, and sometimes, these circumstances can make it difficult to meet financial obligations. An unexpected setback can lead to late payments on bills, reliance on credit cards, accumulating credit and much more. If you find yourself falling behind, you may want to consider ways that you can regain your financial independence and stability.

For some Pennsylvania consumers overwhelmed by debt, bankruptcy is a reasonable option that allows individuals to address their debt in an organized manner. However, a loan modification may be a better option for you. Before you move forward, you will benefit from first considering how you can track your expenses. There are certain websites that can provide you with the resources you need to adequately ascertain all of the details of your financial situation.

Websites that can help you track spending

Before a modification of your home loan, you will need to have a clear picture of your financial circumstances. Many people are unaware of how they are spending and the ways that they can cut back and create more margin. Certain websites and apps on your phone can help you carefully and precisely track your spending and understand exactly where your money is going each month. Examples of these include:

  • Mint — This site offers a paid version and a free, ad-supported version. With this app, you can track your monthly bills, which may help you avoid late penalties and fees. Mint can also help with getting credit cards, building a budget and auto labeling expenses.
  • Everydollar — This app is not free, but it does offer a free 14-day trial. The app has a feature that allows you to easily build a comprehensive, zero-based budget. You can also input your paydays and plan your finances around those dates.
  • Simplifi — This app does require a small monthly fee, but there is a 30-day free trial period as well. It allows you to easily track expenses across multiple categories, as well as plan spending and keep track of your goals.

A loan modification could allow you to regain control of your financial situation, make your mortgage payments and stay in your home. However, modification is only beneficial if you are also in control in other areas of your finances. The use of these apps could help you meet your goals, make your payments over time and even pay off debt. Before you make any important decisions, you may benefit from first speaking with a professional.