Author: Ben Shaw

Categories
Business

Ideas to raise capital for your startup

Starting a business

Starting a business is always an exciting and thrilling process. There are so many ideas and brainstorming sessions. We get to ideate the production, the human power, the marketing and so on. However, all of these can be executed only when there are enough funds to run the business.

As fun as starting a new business is, getting enough finance for it is equally or sometimes even more difficult. You need to know the right investors and pitch them your idea perfectly to access the monetary grants. And finding investors has become easier than ever before.

GetEmail.io is the email finder tool that can fetch any email address with just the name and the company they belong to. The AI-powered website can find email addresses in a matter of seconds. Utilise this freemium tool to access the investors’ contacts.

Here are some ideas to raise capital for your startup,

Self Finance

A lot of people have been self-financing their business so that they won’t be liable to anyone. To start their business, they first work for jobs and find other means of income to save. Once they save the required amount, then they prioritize the business and invest time and money.

The advantage here is that you don’t have to worry about the money flowing in and concentrate on the business instead. Since you already know the budget, you can work your way through managing things. However, the significant disadvantage is that, when you don’t save some amount as savings and invest all, there is a greater chance of going bankrupt for the minor inconvenience.

Crowdfunding

It basically means to raise funds by asking the crowd. In return, they get a share or some benefits for funding the business. Crowdfunding is a great option to start a business with as you don’t have one person to be liable to.

Instead, there are multiple people with minimum amounts invested. So, it becomes easy for you when the time comes to return the investment. There are also online portals and websites that host crowdfunding. One of the easiest ways is to subscribe to one of these websites. As it is the hub for all investors and budding entrepreneurs, you can easily find your fit.

Angel Investors

As the name suggests, these people are really angels for believing in the business and its ideas. These are the people with cash who look for promising entrepreneurs and their businesses to invest their money.

The advantages are that you can get in touch with these investors directly and seek help. Nevertheless, the major downfall is that they only invest if you promise them higher returns. It might seem a tempting offer to take, but consider all the possibilities before accepting the offer.

Final thoughts

Apart from these options, you always have banks and other financial institutions to look up to. Of course, you will have to provide them with all the paperwork, sometimes even more than any of the above investments. Yet their EMI’s go easy on the pockets.

Regardless of the funding option you choose, be persistent and persevering with your ambition. Not many (almost 94% of the companies) would last more than a year.

Categories
Business

Considering a Divorce? Keep These Considerations in Mind to Make a Final Decision

law firm

No person commits to marriage and expects to end it in the future. Unfortunately, a lot of marriages end in divorce and going through this is not easy for those involved, particularly the children. 

Getting a divorce is a decision that couples have to take seriously. Although some people can put aside their differences and keep their marriage, most people find divorce the only way out. 

Although divorce is a personal decision, spouses must discuss legal considerations with their Mankato law firm attorney. Also, some considerations can be addressed with the help of therapists and mental health experts. If you are thinking about divorce, the following considerations will help you make your final decision:

The Consequences of Getting a Divorce

If you are considering a divorce, you should try to get a lawyers’ advice before you finalize your decision. Your attorney can explain what to expect based on your situation. They can help you understand divorce-related issues such as child custody and support, property division, spousal maintenance, and others. 

How You Feel About Your Marriage

Do you feel that your marriage issues can still be worked out and you wish to keep your marriage? If so, you can take several steps to do it. First, speak with your spouse about getting a therapist to help you work on your issues or going to marriage counseling sessions together. You don’t have to consider marriage dissolution every time you have issues with your spouse. 

Your Reason for Getting a Divorce

Before you decide to file a divorce petition, you must ask yourself why you are doing it in the first place. You might have several reasons to get divorced; however, you should consider if it is the right solution. Do you and your spouse have different expectations? Are you a victim of domestic violence? If you are miserable in your relationship, you don’t have to stay in it. This will not help you and your children. If there is domestic violence in your relationship, consider getting a court order to protect yourself and your kids from the abusive or violent spouse. Your attorney can help you understand Minnesota domestic violence laws to make sure you get the help you need. 

But, if you are thinking about divorce because of a specific situation, there is probably another way to solve it. As long as you and your spouse are committed, you can work through a lot of challenging issues in your marriage together. 

Categories
Business

How to Estimate Moving Costs?

Moving Costs

How much is it going to cost me? That’s the question on most people’s minds when they’re thinking about moving. And for a good reason: Nobody wants to move and then find out that all their hard work has been in vain because they didn’t have enough money. But how do you figure out your expenses ahead of time, especially if you don’t know where or what size house you want? The reality is that there are many factors involved in estimating moving costs especially when relocating on a budget, and it’s not just about numbers. It would help if you thought through every aspect of the move to make an informed decision as early as possible.

What are some considerations when calculating my moving costs?

The prominent place to start when calculating moving costs is how much you’re paying for rent. If your lease is up or the landlord has notified you that it’s time to move, then hopefully, this number won’t be too hard to estimate. Otherwise, think about your current monthly expenses and do some quick math using those numbers and a calculator that adds and multiplies to get a rough estimate of your monthly rental cost.

You’ll also need to factor in any home improvements that you’ve made, such as redoing the floors or installing new countertops. You don’t want to be surprised by a huge bill when you close on the house, and these things are bound to affect the price, so knowing what you have invested before you start will make the process a little easier.

You should also factor in moving costs and determine how much it will cost to transport all of your belongings when relocating on a budget. It may be hard to get an accurate number on this one – nobody wants to be surprised with a $10,000 moving bill – but be conservative and work backward from the cost of your new rental. Add in a few thousand dollars, and you’ll be much better off than if you underestimate this moving expense.

Finally, make sure to take into account any extra costs that may arise during the move. Many things can go wrong when you’re moving, especially if you’re doing it yourself, and you want to be prepared for the worst. Be sure to include a cushion of about $1,000-$2,500 for these potential disasters when figuring in your expenses so that you don’t get caught off guard with extra costs during the move.

How much will the truck cost?

Right off the bat, you need to know how much it will cost for a rental truck. The price of a moving truck will vary depending on your location and where you’re headed, but before you can estimate how much it will cost, think about what size vehicle you’ll need.

You could choose from one of the smaller 10′ x 10′ trucks or go with a larger 20′ x 8′ truck. Between the two, you’ll see a five-fold increase in price and space, which means that it will cost you more for gas to move the larger truck as well as more money to store it while you’re in your new home. Smaller trucks are more common in the United States, but Europe prefers the larger ones, so it’s a good idea to check with your shipping company if you’re moving internationally.

If you have a lot of furniture and want to use a professional mover, this will be another significant expense. However, most people find that they can move or hire someone to help them, making the whole process much cheaper when relocating on a budget. In this case, you should be looking at a few hundred dollars.

How much do I need to know for packing?

If you’re planning on moving yourself or have already hired someone, you need to calculate how many boxes of various sizes and materials you’re going to need. Boxes are another big expense when you’re moving, but there are ways to save on them.

You want to rent your boxes either by the piece (if you don’t have too many belongings) or by the case (if this is your first move). If possible, try to get recycled moving boxes that you can return at the end of the move – most movers will allow this. You’ll save money on moving boxes and also be able to reuse them for storage once you’ve moved in, so it’s a double-win situation.

If you’re moving locally, use whatever boxes are available or easily replaceable but if you’re moving long-distance, try to reuse boxes that you’ve used before to save on this moving expense

Conclusion

The cost of moving is never easy to estimate because it can vary depending on several factors. One thing that you should always do before you start packing up your belongings, though, is figuring out how much money you’ll need from one place to the next. Whether or not this will be an expensive move depends largely on what type of vehicle and help you choose to get there safely with all your stuff intact.

Looking at moving costs from the perspective of two different scenarios can help you see how much it will cost you. The first is a move within your town or city, which may not require any movers and could be done with a rental vehicle such as a truck or van. This type of move will cost the least amount of money but may not require much planning and could lead to some complications (such as not finding a vehicle that will fit all of your belongings).

The other scenario is the long-distance move, which will cost more because you’ll have to pay for movers or shipping company fees. Still, this type of move won’t be nearly as expensive as it would have been a decade ago with the advent of shipping competition and discounts that make it much more affordable than moving yourself.

Categories
Careers

The use of VR in employee training

VR in employee training

Using VR to train employees is rapidly gaining momentum. This method allows you to immerse yourself in any situation that employees may encounter on their way.

Just one mistake of an employee can harm the entire company, its finances or its reputation. The consequences can be different: from a negative opinion about the company’s work on social networks to the death of a person at work. Learn how VR can alert you to these situations in this article.

It should be noted that companies around the world are increasingly using virtual reality to provide a significant improvement in the learning process. This allows you to create an accurate simulation of situations faced by staff. The greatest interest was shown in the high-risk industries: energy, construction, industrial production.

VR is very popular in medicine for the training of specialists. American hospitals are already actively using virtual reality devices to train doctors. In particular, both beginners and practitioners learn using augmented reality to work in situations that are difficult to simulate in real life.

New skills are assimilated up to 500% faster, and the use of virtual reality devices can create real memories rather than abstract knowledge that must then be learned in practice.

Virtual reality is also effectively used for training in the aerospace and maritime industries. Previously, training required expensive equipment and intensive supervision, but VR simplifies the process and minimizes costs.

The VR learning trend is growing rapidly, despite the fact that technology is still at the beginning of its journey. Many training programs are in the early stages of implementation and there is great potential to expand training for enterprises in areas such as tourism and marketing.

Modern VR technologies enable the design of a new world, the imitation of standard and unusual situations with full human immersion during events, which is especially important when developing crisis situations. Actions in emergency situations are processed automatically and reliably stored in the employee’s memory. Due to the presence effect, the person deeply assimilates the information and gains real hands-on experience.

Advantages of VR-based training technology:

  • greater involvement of employees in the process, the possibility of changing scenarios, influencing the course of events;
  • full concentration on learning due to the lack of external stimuli;
  • high visibility – using VR technology, you can show any process, both holistic perception, and simulate any degree of detail;
  • application flexibility – development for specific teaching tasks.

It is easy to introduce VR to any company and derive tangible benefits from it.

One of the best uses of VR training is scenario-based exercises. The person is completely immersed in a working atmosphere in which he can encounter difficulties and solve the problem before it becomes a reality. Now this technology is being used more and more, and it saves a lot of time because a living example is much more interesting than sitting with books or listening to boring lectures.

HTC VIVE Business Edition VR System goggles and Vuzix m300 smart glasses as hardware, and agencies such as mazerspace.com as software are now the best options that you can use for staff training. Using virtual reality is therefore one of the most successful ways to improve employees’ skills in a short time.

Categories
Industry

Which Type of Motors are Better? Electric or Hydraulic Motors?

Hydraulic Motors

Although electric and hydraulic motors perform the same task, they all got their pros and cons which sets them aside from each other in specific areas. Let us get deeper to understand how these two linear actuators perform.


  • Electric Motors

This type of motor converts electrical energy into torque by connecting the motor to a screw which when rotated against a fixed ball nut, production of torques occurs.


  • Hydraulic Motors

  This type of motor uses pressure. This happens when pressure from an incompressible liquid causes the piston to move up. With the increase in pressure the cylinder moves along the axis of the piston hence, creating a linear force.

With the right type of hydraulic motor, you will find it is more productive than an electric one. This is because these motors produce much power and are more dependent on fossil fuels. To ensure that you get the best hydraulic motor, one is advised to buy from reputable hydraulic motor stores like Vickers hydraulics. This is because there are a lot of companies trying to duplicate hydraulic motors out there.

Pros and Cons of Electric and Hydraulic Motors

Advantages of Electrical Motors

  • Electrical motors use systems that can be reprogrammed very quickly. On the other hand, they offer immediate feedback for maintenance purposes.
  • Since their operation is electrical, electric motors are quiet and also smooth in their operations.
  • Also, the power of electric motors is very controllable, this is very helpful for purposes that require scaling of force.

Disadvantages of electric motors

  • When it comes to electric motors, they come with a predetermined setting hence, if you want different output from your motor, you have to change the entire motor.
  • Since electric motors are powered by electricity, they are not suited for all environments. This is due to the unpredictability of electricity.
  • Electric motors are also quite expensive compared to hydraulic motors hence not cost-effective.
  • Due to the large size of electric motors, you may find it difficult to install them in many areas hence making them less ideal for many people.
  • Electric motors also overheat quickly hence cannot operate continuously without stopping.

Advantages of hydraulic motors

  • Due to their ability to scale the amount of force, they are well suited for the high-force application.
  • A hydraulic motor is also very powerful, it can be 25 times the force an electric motor of its size produces.
  • Because of their resilience, electric motors can be positioned far from the main system hence enhancing flexibility.
  • A hydraulic motor can also maintain a force at a constant level without the need for additional pressure.

Disadvantages of hydraulic motors

  • Hydraulic systems are expensive to set up. This is because of the many parts needed.
  • Since they use hydraulic fluids to function, leakage may occur leading to potential damages and an unclean working environment.

From the above information, we can conclude that it is more economical to use hydraulic motors than electric motors. One should also consider the place to make the purchase of the hydraulic motor due to the emergence of copy-rights in the market. Buying from reputable stores like Vickers hydraulics ensures that you get the best product in the market.

Categories
Business

Mislabeled Seafood Products Might Actually Be Shark or Ray

Seafood Products

A compelling report just released by the World Wildlife Fund (WWF) reveals some surprising information about both shark and ray meat. It also dispels the myth that Asian countries are largely responsible for most shark exploitation as a result of their affinity for shark fin soup. Perhaps the most stunning part of the report is its revelations regarding mislabeled shark and ray meat products.

As a U.S. consumer, you may be unwittingly eating either shark or ray mislabeled as something else. However, mislabeling doesn’t occur just here. Several other countries mentioned in the WWF report faced similar problems. This is troubling given the fact that global trade compliance requires all imports and exports be correctly labeled and classified.

Intentionally mislabeling exports can land a company in big trouble, according to Vigilant Global Trade Services, a global trade compliance provider based in Shaker Heights, Ohio. They say labeling affects classification which, in turn, affects licensing. Mislabeling is a common tactic used to get around trade restrictions.

Shark Meat in the EU

Asian countries are frequently blamed for shark exploitation. Even if you consider harvesting sharks for their fins as exploitation, Asian shark harvesting pales in comparison to what the WWF uncovered in the EU. According to their report, the EU is responsible for more than 20% of the global trade in shark meat.

The report reveals Spain as the world’s largest shark meat exporter. Italy is the largest importer. Furthermore, the global market for shark and ray meat combined is an estimated $2.6 billion annually. The market for shark fins is significantly less at $1.5 billion.

Know What You Are Eating

If you are concerned about the overfishing of shark and ray species, be careful about the seafood you eat. Learn how to read labels. Make a point of educating yourself about how shark and ray meat are labeled in other countries. Here are just some of the terms that countries use to mislabel their shark and ray meat, according to the WWF report:

  • Argentina – pollo de mar (sea chicken)
  • South Africa – skomoro (ocean fillets)
  • France – saumonette (little salmon)
  • Italy – palombo
  • UK – rock salmon.

Intentionally mislabeling seafood products is nothing less than fraud. It is a big problem worldwide. In the UK, a 2021 analysis conducted by the Guardian demonstrated that upwards of 40% of all seafood products from surveyed restaurants, markets, and fishmongers were labeled incorrectly. Their analysis covered fish products sold in thirty countries around the world.

Their study looked at fish products in Canada, the U.S., Australia, New Zealand, Singapore, and the UK – among others. Canada and the UK were found to have the most mislabeled seafood products at about 55%. The U.S. came in at about 38%.

Regulations Can’t Force Honesty

The real tragedy in all of this is that regulations exist to prevent exactly what is happening. But human nature is what it is. Regulations cannot force honesty. They can only give authorities a tool for catching and prosecuting those who choose to be dishonest.

Global trade regulations are designed to let exporters know what is and is not acceptable by law. Ultimately, it’s up to exporters to comply without being forced. Should they choose not to, they are taking the risk of being caught and prosecuted.

The end result is that the seafood you think might be salmon or sea chicken could actually be shark or ray. There are fishing operations that actively seek out shark and ray species because they know how valuable the meat is. The lesson for consumers is clear: be careful what you eat.

Categories
Small Business

Strategies to Re-Energize Your Small Business

Entrepreneurship is like having your own baby, except that it isn’t human. When running a small business, business owners have to constantly think about how they are placing themselves in the market.

We have to work and rework our business strategies, from marketing to advertising and more. You have to do this, keeping in mind the resources available to you and the budget you can spare at every point. 

This gets exhausting! 

We can’t blame you for looking for business strategy templates for small businesses. When something works for one business model, it makes you hopeful that it will work for yours. So without further ado, let’s take a look at the services and tools entrepreneurs can deploy for their small businesses. 

Limited Edition Packaging 

As a small business owner, you have complete control over every aspect of your business. This is both a pro and a con. Time management becomes an issue, and you tend to standardize your business as much as possible. If you’re in a slump or stagnating because of this strategy in packaging your goods, then it’s time to tweak it.

Stickers are an excellent way to achieve this. You can shift to single-color packaging, which will help the stickers look more prominent. Earn extra goodwill by turning to sustainable packaging made with renewable materials. 

You can shop stickers online, so you can see what you’re getting, and the costs are much lower than offline. Change the pattern of the stickers or how you place them every few months to keep users engaged! 

Loyalty Schemes

One of the most underrated resources that a business has is probably customer loyalty. All successful businesses mine the market for goodwill and convert that to loyalty as soon as they can. Most larger companies have processes in place that automate this process. As a small business, you’ll have to put more effort into setting up a loyalty scheme as you’ll be doing research and building it from the ground up. 

Typically, loyalty schemes give you points that you can redeem for discounts during purchase or access to exclusive offers. However, as an entrepreneur, you can create loyalty schemes that make sense for your business. Take a risk and explore innovative ideas that help pad your profit margin and ensure long-term success. 

Limited Edition Products 

Your marketing and advertising strategy rely on your goods and services to keep them interesting. When your product line stagnates, your advertising and advertising campaigns are likely to as well. To keep your core growth stable, you have to have at least one service or product that you offer consistently. 

However, it isn’t a bad idea to launch a limited edition product or service. You can simply launch your existing products with a different color scheme or minor, aesthetic tweaks. Don’t make these releases a part of your long-term product line. Over time, customers will eagerly wait for these releases, and this will drive up traffic to your website. 

Increase Distribution Channels 

At the beginning of the entrepreneurship journey, you want to retail or distribute your product or service under your own name, from your own shop, or from your own website. However, you need to drive a considerable amount of traffic to your website or shop for this strategy to be viable. This can spell doom for your business when you’re facing a slump. 

This is the perfect time to expand your distribution channels. Look into marketplaces like Amazon or Etsy that can help you generate multiple flows of income for the same offering. This can also help you diversify your marketing and development plan, decreasing pressure on your primary distribution channel and decreasing pressure on you. 

Final Thoughts: Make Your Own Way 

As an entrepreneur, you have to be comfortable taking risks. One of the many perks of owning a small business is making your own business model and deploying your own business strategies. While the plans listed here are excellent starting points, use them as only the beginning. Think in terms of what they are achieving and how they are doing it to make your own creative, innovative strategies tailor-made for your small business. 

Since everyone’s ideal customer base and growth plans are different, take yours into account. Think out of the box and don’t limit yourself to anything. Many people get stuck in the nitty-gritty when making business plans. 

However, you should work backward from your goals to find ways to maximize your resources to make your end objectives possible. With a bit of luck, you’ll be on your feet in no time!

Categories
Industry

Welding In Automotive Industry

Automotive Industry

Welding is a crucial procedure of the automotive industry as it joints the vehicle parts. So a clean, solid, and robust weld is essential for auto body parts.

So here, we will discuss what automotive welding is and which type of welding is suitable for the automotive industries.

What is automotive welding?

Auto body technicians use various automotive welding techniques to complete the structure of vehicles and repair. It is also essential for the metal components to repair or update the exciting vehicle structures. The general automotive welding methods include inert metal gas, plasma arc welding, and tungsten inert gas welding.

These types of welding provide a variety of results, but every structure and repair requires a suitable welding technique.

Type of automotive welding

Here are the standard automotive welding techniques that use the most in repairing and structuring auto vehicles.

Metal inert gas welding

Metal inert gas welding technique provides the precise weld by using gas like argon and carbon dioxide. It is a simple, easy and quick process for beginners. Moreover, it has less splutter and a clean weld.

During the metal inert gas welding technique, welders continuously add the metal filler to the joint. The fixed metal gas uses different compositions of gas according to the material of the weld. Stainless steel welding requires helium gas as the welder and acts as the metallic part. It also prevents the oxidation of gasses. Metal inert gas technology uses the consumable electrode for joining the metallic parts. It requires electricity that supplies sufficient current and voltage to weld the metal or stainless steel joints. Depending on the types of metal and gas a variety of specific welding torches is used for the process.

Make sure that you properly clean the welding surface to get effective results. Moreover, properly regulate the shielding gases over the welding area.

It is one of the most preferred welding technologies in the automotive industry due to its affordability, efficiency, and short learning process.

Arc welding

Arc welding is another suitable technology for the automotive industry. The electrode is the critical component of arc welding that is also referred as stick welding. Electric current passes through the metal pieces to join the metal pieces, and the electrode has flux power. However, the electrode is covered with metal fill, and the outside has flux that prevents oxidation during the welding process.

The electric arc is over 3500 degrees celsius. It has a drawback: it leaves the power from the flux on the eliding surface that you need to clean after completing the process. You must need to know the welding material before performing the arc welding. Ensure that the welding technique has suitable penetration power to get effective welding results.

TIG welding

TIG welding refers to Tungsten inert gas welding. It uses inert gas as shield-like argon gas. The tungsten rod is connected with a welding torch, and the rod will create an electric arc between the metal parts.

You didn’t need to add any extra material in welding by using the TIG welding process. It is a non-consumable welding electrode that is not melted during the welding process but melts the metal to create a communal pool between two pieces.

Categories
Business

Why Evidence in a Criminal Case Must be Collected and Preserved Correctly

criminal defense attorney

In criminal cases, defendants and plaintiffs build their respective arguments based on the evidence obtained. Crime investigators must take great care to gather, preserve, and record evidence that could help establish the facts surrounding a criminal case. But, evidence is important beyond the trial. A good Rochester criminal defense attorney like King Law knows that evidence gathered during a criminal case should be reserved for posterity to make sure the accused person’s due process rights are fully observed.  

The government must properly collect and preserve evidence in a criminal case to fulfill the obligations stated in the Sixth and Fourteenth Amendments to the Constitution. Criminal defense lawyers will examine the evidence, as well as its collection and preservation to ensure the rights of the accused are respected. Keep reading to know why it is important to preserve evidence in a criminal case:

Evidence Establish Arguments 

The authorities in charge of investigating criminal cases will use evidence gathered to establish major facts about the case. Because of this, the evidence must be collected correctly and in accordance with recognized standards. Evidence that is not gathered correctly will lose its credibility and may not be admissible in court. An experienced defense lawyer will question the evidence’s credibility as well as the integrity of its collection and preservation. 

A criminal defense lawyer can examine the evidence presented against their client and question its credibility if it wasn’t correctly gathered and preserved. And since the defendant may have evidence to submit that can be used to establish an alibi, this evidence must also be preserved to maintain its integrity.

Kinds of Evidence to Preserve

Evidence that supports an alibi is a kind of exculpatory evidence that must be preserved. This could include any statements or materials that suggest the accused wasn’t in the location where the crime occurred at the time it was committed. Other types include recorded statements of the accused or witnesses, 911 call recordings, photos, blood samples, and other tangible evidence from the crime scene. Sometimes, law enforcement may have to preserve notes of their investigation; however, this duty may extend just to notes that record an interrogation of the accused. 

What Happens if Evidence is Lost or Destroyed?

Should the prosecution lose or destroy evidence, the defendant must raise the issue. They must show the government violated the duty to preserve evidence and that the evidence was material and exculpatory. If the defendant succeeds, it is likely that the court suppresses the related evidence or limit testimony about it. Sometimes, the court might even dismiss the case. 

Categories
Finance

What to Do If You Can’t Afford Your Mortgage

Mortgage

You can do everything right. You can save for years and keep your credit score pristine. You can find an affordable house and use a house payment calculator to budget for the future. You can do all that and more and still find yourself unable to afford the cost of your mortgage.

Maybe you lost an important source of income. Maybe an unexpected accident demolished your savings. Maybe the stock market took a hit and your investments went sour. Whatever the case, you’re running out of time and money. That doesn’t mean foreclosure is inevitable, though, as long as you know your options.

Don’t Delay or Miss Payments

The first mistake that most people make when their mortgage starts to outpace their ability to pay it is making late payments or, worse, no payment at all. Nothing good ever comes of this. Delaying and missing payments only increases the interest you owe while decreasing the amount of goodwill you have with your lender. If you’re worried about falling behind, don’t waste a second; contact your bank to see if you can get some leeway or to begin negotiations to refinance your loan.

Talk to the Bank about Refinancing

If you’re in good standing with your bank and have a credit score of around 620, most lenders will allow you to refinance your loan. This basically means trading in your previous mortgage agreement for a different one, usually one with more affordable payments made over a longer period of time. Not only will this provide much-needed financial relief, but refinancing is a good way to preserve your credit rating.

Try Making Loan Modifications

An alternative to mortgage refinancing is loan modification. On the surface, these two avenues are very similar, but under the hood there are some subtle yet significant differences. Instead of terminating and applying for a new, different mortgage, loan modifications simply alter the terms of your existing mortgage. Loan modifications go into effect more quickly than refinancing, making them a good option in times of crisis. However, they do have a downside in that they negatively impact your credit score.

Propose a Forbearance Agreement

If the situation surrounding your mortgage is past the tipping point—meaning that the bank is in their legal right to put your home into foreclosure—forbearance can help. A forbearance is when you and your lender come to an agreement where they will not act on their right to foreclose in favor of giving you time to get your finances in order. When the 180-day forbearance period ends, you will be expected to resume payments as if there had been no interruption.

Don’t Rule Out Bankruptcy

Declaring bankruptcy is something many people dread. Despite that, it can actually be a blessing in disguise. Despite the negative connotations, the purpose of bankruptcy is to protect people in precarious financial situations, not hurt them. Depending on what form of bankruptcy you qualify for, your home may be exempt from asset seizure entirely.