Your home is in foreclosure, do you have the money to save it? This is
a question that every homeowner
facing foreclosure must answer HONESTLY. If you don’t, it may be too
late to try any option to save your home, and do whatever is necessary.
So how do you begin to answer the question? An essential first step is
to take a good look at your current financial situation. Make a monthly budget.
See where your money is going and how much you’re saving. This will allow you
to identify areas where you can save money.
Next, compute how much of your monthly income your monthly mortgage
payment takes up. According to mortgage experts, 31 percent of your monthly
income is an acceptable amount to make monthly mortgage payments. If your
mortgage is less than 31 percent and you still find it impossible to make your
monthly payments, you will have to find areas in your monthly budget to cut.
However, if the percentage is higher than 31, it may be impossible for
you to afford your home and avoid foreclosure without professional help. For
that, it’s imperative that you talk to an experienced foreclosure attorney
immediately.
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