Right now foreclosure, the thought of foreclosure, or information pertaining to how to buy foreclosure properties is everywhere. We thought we would tell you a great way to avoid foreclosure starting with things you can do today if you feel you might be near that point where you might start missing mortgage payments.
- Know what kind of home loan you have - I don't like saying that you shouldn't trust what people say but you definitely should know exactly what your mortgage is on your home or condo. Do not take for face value what the person who did your loan said make sure you have read all the paperwork and understand it. Even if it was a really good friend it may be an unintentional mistake that was made so understand what kind of loan you have. If you are missing copies of your loan paperwork then call your lender and get copies of it.
- Create a budget & stick to it! - many times foreclosure happens because people do not understand where all of their money is going. Know where you spend all of your money and stick to a savings plan.
- Save every month - We all know it is hard to do in this day and age but we also all enjoy Starbucks and itunes so save a little every month in case you loose overtime or a job so you can cover your mortgage payment while you are looking for new work.
- Refinance your loan if you don't have a fixed rate - The federal reserve dropped the rate at which banks borrow money last week. They are now lending money cheaper than they were even 3 weeks ago. If you have a loan that is adjusting right now or is about to adjust and you want to stay in your home this is a great time to refinance. Make sure you know all the fees and know what is going to happen with your loan. Even if you don't plan on staying in your home for more than the next couple of years you may want to keep your property and rent it plus getting a long term loan right now is cheaper than a short term one.
We hope these 4 Ways to Prevent Foreclosure help people keep their home. Make sure to pass on this list and help those who are having trouble.
1 comments:
In the past few years I've been researching who are the successful agents, tried to figure out why top agents are top agents.
Do they have a common educational background? No. Good ones have high school diplomas, masters and doctorates. No correlation.
Similar previous careers? No. One of the best agents I know used to teach baton twirling. I doubt if I could find a lot of those if I tried! I've had waiters, teachers, high powered executives and stay-at-home Moms who were all very successful.
Common interests? No. Other than eating, (which we Realtor-types seem to do exceptional well) the interests are widely diverse.
After 13 years in real estate sales and management, I've only found a few constants.
1. Successful agents treat the real estate business as a business. They actually have a business plan and a budget. They understand that you have to spend money to make money. They know how many sales they need to make the income they require and then they figure how they'll get from here to there. They plan in advance and execute the plan.
2. They actually work when they work and play when they play and take a day or two off every week. (Just like a "real job!")
3. They have fun and enjoy selling real estate but know that it won't be forever.
4. They buy a lot of real estate for investment when they see good deals because they know that no one gets rich selling the stuff. You get rich owning it! Financial independence gives one a lot of freedom, autonomy and a certain air of confidence that smells like success.
. . . And people like to do business with successful people so they do more business!
That’s why I choose this realtor http://www.realtydirectorymakers.com/ for my future
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