Wednesday, April 10, 2013

Five Things You Can Do To Keep Your House

I'm amazed at how many people I talk to who are in the process of losing their homes and yet they have a good income. Somehow they missed a payment and slid into two thirty day late or worse they go into three late payments and now they cannot come up with the money. I know a  man who lost his home and still does not understand how people can afford to pay their mortgage. And he had a good income! But here we go. Five Ways to keep your home.

1. Pay your mortgage first. Always. Simple right. Do you know how many people pay credit cards first or medical bills? And then they don't have the money for their mortgage. The very first thing you do is pay your mortgage above all else. Then whatever is left over you pay your utilities. Keep the lights on and the home heated. Then food. Then credit cards. Then medical.

2.If you are late then negotiate with the bank right away. Pay late but pay. Even if you are month behind. They cannot initiate foreclosure if you send in your payment.

3.Go for a  loan modification. If you are late then you are a perfect candidate. In fact they wont consider you for a loan mod unless you are late. If you get it they will reset your mortgage. Keep paying during the loan mod even if they tell you not too. What happens is people don't pay and then they don't get it and owe like ten grand.

4. If you go into foreclosure go to court and enter the case. You don't need a lawyer. You pay  fifty dollars and you enter your side of the case. They will continue it. Go back and they will continue it. Go back and they will continue it. This can go on for years. I know a woman who asked for her deed and they couldn't produce it. She has been in her home for five years since the foreclosure began.

5. Don't leave your home. I know more people who leave their home after the first court appearance notice. Don't do it. Illinois is running years behind in their foreclosure process and your loan mod could come through at any time. But the bottom line is you can probably stay in your home for years beyond the initial filing of foreclosure.

There. Five things to keep your home. Good luck.

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Books by William Hazelgrove