Home foreclosures has been a very popular topic in recent months.
More and more families are finding it harder to make ends meet and pay
on their mortgages each month. Many homes have gone into foreclosure due
to the economic crisis that has plagued both businesses and consumers
alike. One of the main reasons foreclosures became so rampant was due to
the fact that many consumers did not seek help, or they wanted to long
to do it.
While it is no doubt a lesson learned, we should heed the current situation and be prepared in the event we ever face difficulties meeting the mortgage obligations we have in the future.
Here is some advice on how to save your home and mortgage loan should you ever find yourself in financial danger:
Know When to Get Help
If you start by avoiding the situation altogether, you are essentially just compounding your own problems. The financial difficulties will not go away. They will only get worse so as soon as you know you are in danger, you need to make the effort to get assistance. You need to do all you can to save your home and your finances. If after all your efforts, you are not able to do just that, you will at least have the satisfaction of knowing you did all you could do.
How To Find Help
The Mortgage Company
The first place to turn to is your mortgage lender who will likely do whatever they can to help you through your financial situation. They want to help their customers and obviously have a vested interest in your ability to meet financial obligations. Contact the lender and explain the truth of your situation. Do not wait until you are already in arrears. Be sure to mention that while you have been a great customer with a solid payment history, you find you are unable to make a payment. Proceed from there on their advice.
Housing Counselors
There are non-profit agencies that can help your refinance your existing mortgage loan. These services are free so don't be fooled into paying for such assistance. If you have a loan through the Veterans Administration, you can work with a counselor on renegotiating your original loan.
What Happens Next
Overall, your goal is to stay in your home and avoid foreclosure at all costs. You may have to rework your budget with a counselor, find more income, or cut out some significant spending. Be reading to provide accurate financial information to those who plan to help you, including tax information, pay stubs, and your other monthly bills. Counselors will help you work through your current financial situation to devise a new plan.
Avoiding foreclosure should only be one of your goals through this process. The other should be getting on more solid financial ground to avoid the same situation in the future. Working with a counselor may help shed some light on where you can make money changes in your life. Heed their advice and make a commitment to changing how you handle your finances for the better.
While it is no doubt a lesson learned, we should heed the current situation and be prepared in the event we ever face difficulties meeting the mortgage obligations we have in the future.
Here is some advice on how to save your home and mortgage loan should you ever find yourself in financial danger:
Know When to Get Help
If you start by avoiding the situation altogether, you are essentially just compounding your own problems. The financial difficulties will not go away. They will only get worse so as soon as you know you are in danger, you need to make the effort to get assistance. You need to do all you can to save your home and your finances. If after all your efforts, you are not able to do just that, you will at least have the satisfaction of knowing you did all you could do.
How To Find Help
The Mortgage Company
The first place to turn to is your mortgage lender who will likely do whatever they can to help you through your financial situation. They want to help their customers and obviously have a vested interest in your ability to meet financial obligations. Contact the lender and explain the truth of your situation. Do not wait until you are already in arrears. Be sure to mention that while you have been a great customer with a solid payment history, you find you are unable to make a payment. Proceed from there on their advice.
Housing Counselors
There are non-profit agencies that can help your refinance your existing mortgage loan. These services are free so don't be fooled into paying for such assistance. If you have a loan through the Veterans Administration, you can work with a counselor on renegotiating your original loan.
What Happens Next
Overall, your goal is to stay in your home and avoid foreclosure at all costs. You may have to rework your budget with a counselor, find more income, or cut out some significant spending. Be reading to provide accurate financial information to those who plan to help you, including tax information, pay stubs, and your other monthly bills. Counselors will help you work through your current financial situation to devise a new plan.
Avoiding foreclosure should only be one of your goals through this process. The other should be getting on more solid financial ground to avoid the same situation in the future. Working with a counselor may help shed some light on where you can make money changes in your life. Heed their advice and make a commitment to changing how you handle your finances for the better.
Marie Jones, Writer for CreditCardFlyers.com
CreditCardFlyers.com is known for it's leading resources of credit card offers and balance transfer credit cards. We provide valuable information in one convenient place so consumers can easily search and compare balance transfers and apply instantly online.
CreditCardFlyers.com is known for it's leading resources of credit card offers and balance transfer credit cards. We provide valuable information in one convenient place so consumers can easily search and compare balance transfers and apply instantly online.
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