Alan Brymer with Your Home Advocate talks about ways to avoid or get out of foreclosure.
Here are interesting statistics you should know:
* Homes in some areas of Salt Lake and the surrounding counties are taking a little longer to sell.
* Fewer people are able to qualify to get a home loan nationwide.
* Interest rates are rising nationwide.
* The average Utah income is under $40,000 yet the median home price is $230,000 – $250,000.
Here are Five Tips to Avoiding or Get out of Foreclosure
1) Dream homes are overrated. Don’t buy a bigger house than you can afford, or based off two incomes. Cash is king. You may not need to own a home at this time of your life so play it safe and rent for a while longer.
2) Keep a 3-6 month reserve on hand, whether in the bank or on a credit card. Most people miss one or two payments and can then make monthly payments again, but cannot catch up the behind payments
3) Do not panic or ignore the problem. Learn all of your options. Find out what your options you’d like and find out which ones are possible Then rank them in order of your preference and test them out
4) Try working out a deal with your mortgage company. They may be willing to let you catch up what is behind over time.
5) Get help when needed from an expert — sometimes you can solve the problem on your own, other times you’ll need help from a professional lender, attorney, realtor, or investor
Your Home Advocate’s mission:
The mission of Your Home Advocate is to provide free information to Utah homeowners on how to keep from falling behind in mortgage payments, and how to avoid foreclosure if payments are already behind. This is accomplished mainly through our report “11 Ways to Save Your Home”, phone consultations, and our newsletter. We can also provide referrals of screened and trusted professionals, such as attorneys, lenders, Realtors, and investors.
For more information, go to www.yourhomeadvocate.com or call 866-306-4516.
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