Mortgage Solutions
TIPS FOR HOMEOWNERS IN TROUBLE
If you can no longer afford to make mortgage payments or if you feel like you can’t do it much longer, these tips may help you focus on the priorities and form the best strategy to avoid a worse financial situation:
IF YOUR HOME ISN’T “UPSIDE DOWN”: PRIORITIZE SPENDING
a. Keeping your Home: If your home still has equity (the positive difference between home value and mortgage balance) and if renting would cost you same or close to what you’re paying for your mortgage, think about prioritizing your mortgage payment. “Other” less important debts such as credit cards, unsecured loans, extra car you can live without, etc can be put to bottom of your list so you can make that house payment. Just Ask yourself: “Is paying my credit cards going to help me avoid foreclosure if I won’t have enough money to pay my for my home in the future”? If you answer no, then call us toll free at 1-877-417-8393, and we will explain how we can protect you from any consequences if you choose to stop paying credit cards or unsecured loans and redirect your funds to more important things.
b. Team up with friends or family: join together to live in one house (already happening throughout California, Nevada, Michigan, Illinois, etc), whereas you will have more income and less expense. This can be a bit frustrating for some, however, for most it beats living on the street or in a tent. Dividing up duties, expenses, responsibilities, and agreeing on certain rules in writing right away may eliminate much confusion and disputes later on. Don’t wait until you’re forced to do it, but rather think ahead and save ahead.
IF YOUR HOME IS “UPSIDE DOWN”:
(click links below for more details)
2). CONSIDER SELLING OR “SHORT” SALE
3). GETTING THE MOST OUT OF FORECLOSURES
* All information provided on or through this website is for educational purposes only and is not intended to be substituted for investment, legal or financial advice from a licensed professional.
