Excerpt from: Ski Resort Newsroom
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| April 20, 2009 | | Things you can do to reduce your chances of foreclosure | The financial and housing market news is still full of foreclosure talk. If you feel that you might be in danger of foreclosure, here are some steps you can might take. The key, though, is preparing ahead of time. As soon as you realize that you are in trouble is the time to prepare. As soon as think you will be in trouble, meet with your mortgage lender.
Meeting with your mortgage lender is especially important now, since the mortgage modification program suggested by Barack Obama has been detailed. Talk to your mortgage lender about whether you qualify for mortgage modification to make your payments more affordable. In many cases, there are incentives for the lender to help you -- and incentives for you to participate.
Here are some other things to consider when avoiding a foreclosure.
- Consider your budget. Can you cut back on other expenses in order to get together what you need to make your mortgage payment? Remember: If it comes down to a choice between your mortgage and your credit card payments, make the mortgage payment.
- What about renting? Is it possible to rent out your home to cover the cost of the monthly mortgage payment? You can have the mortgage paid for by renters, and rent your own less expensive place.
- Short sale. In some cases, you can arrange a short sale, in which your mortgage lender agrees to take less than you owe on your home. However, the home usually has to be on the market for at least 90 days. And a short sale will affect your credit score (though less than a foreclosure will).
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