What Executive has to do to avoid Foreclosure?

What Executive has to do to avoid Foreclosure?


DEAR CyberSpy:

I am a 38 year old with wife and two grown daughters. We are homeowners of a beautiful house in Orlando FL., you know, buying a house is part of the American dream. Nowadays, I am fighting off foreclosures, from those caught in the subprime mortgage crisis. I am very confused. I need to clear my head. I have a good job, and an excellent salary, but many times we do not have enough money to pay de loan. I used to pay correctly each month my loan but this is changing and I feel panic! What I have to do to avoid foreclosure?

Dear Executive:

Don’t Panic, people of all income levels are fighting off foreclosures. If you are concerned that you’re nearing the point of delinquency or foreclosure, pay close attention, because there are ways you can avoid getting caught in this mess.

The first thing I would do would be to get information about the laws in your state and after that I recommend the fallowing steps.

Step 1: Get Clear About Your Finances.

It’s very important that you to look at your finances carefully. You have to analyze your situation about credit cards debt and other debt so that you can determine what it is you should be doing. Cutting expenses is a good way to avoid foreclosure.

Step 2: Call the Lender.

If you still can’t find a way to make your mortgage payments after researching your finances, then it’s time to call to the lender. When you call, explain your situation and ask the lender what kind of agreement can be worked out so that it is mutually beneficial.

Step 3: Find Extra Money.

This is not a joke! You can talk with your employers. They could be a source of extra money for you because they may have a loan program or a grant program or be willing to set something up to assist you. The point is, get creative in order to help save your home.

Step 4: Don’t Walk Away.

Abandoning your property doesn’t solve the problem, because a foreclosure is something that will follow you for the next seven to ten years. A foreclosure is worse on a credit report than a bankruptcy, because this shows that you weren’t willing to take the action necessary to solve your situation.

Step 5: Put 10 percent of your salary away.

It’s really important that you start planning for the rainy days. Get a 401K plan.

By CyberSpyOne