Is An Interest Only Loan Right For You?

When we were little, we’ve always been told how prevention works better than cure. The same holds true when it comes to home foreclosure. Lawyers, counselors and personal finance experts would tell you that avoiding home foreclosure is easier than stopping one that’s waiting to happen. So much has been said about what you should do to avoid home foreclosure. Now here are some of the things that you should remember not to do to keep your home.

Know your finances. Before you apply, know what you can afford to pay each month by going over your budget. Think about your future finances as well. Do you know that you will be getting a yearly raise or is a promotion on the horizon? Future financial gains may affect how much you can afford and what type of loan may work best.

Lot rent fluctuates, and managers can be shady. Our previous manager went AWOL, and we had to prove with receipts that we had paid lot rent because the owners weren’t getting their money. Some of the park inhabitants had to repay as they had no receipts to verify payments. With the new managers, we always get receipts.

Have your child set up a predetermined percentage aside from her weekly allowance. Make your kids save 10 percent or a dollar every time you give them their $10 allowance.

Brush up on the latest bankruptcy regulations before you decide whether or not to file. Laws are subject to change, and it’s important that you’re educating yourself about current code only. A qualified bankruptcy attorney is the best source for the latest information regarding the laws in your state.

This is normally an easy process, as the sellers are usually more than willing to cut a deal that saves them from foreclosure, almost always at NO additional cost to them. Many of these sellers owe more on their than the property is even worth. That gives the short sale investor a major advantage, yet one problem remains: You have to find them first!

People who steal identities sometimes take your personal info and open new, fake accounts. Others simply try to steal your money through existing accounts you have open. If your identity gets stolen, you might have to open a few new accounts completely; aside from being a hassle, many companies will require a fraud alert to be posted about the issue on your account, which can result in increased restrictions, fees, and limits.

If you want to buy something then buy it for cash. Your first priority should be to pay those outstanding balance having the higher interest. The moment you get your cards paid off, start setting aside money to buy a good used car for cash. then, when you have done that, start putting what would have been a car payment into a savings account, for a future down payment on house or a business (the only things you should borrow for). Your bad credit rating can be a good thing if you take it as a chance and learn a lesson from it.

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