Also in this playlist...
This transcript is automatically generated
Welcome back 24 past the top of the hour foreclosures were just under.
Dollars in March that's a 4%.
They're given joins us now with five tips to help keep you from four closing thanks for -- good -- iron you can play your first set.
Don't over borrow in the first place right your home cost your mortgage industry -- should not exceed more than 2528%.
Of your monthly take down their home affordability calculators market -- -- on the web.
Villa got some opponents -- -- -- -- -- run the numbers person to -- party got yourself in trouble this next -- surprised me.
Basically just talked your let's talk your lender 50% of people who end up in foreclosure never have a discussion -- -- their lender if you're running into trouble you foresee.
Problems down the -- Pick up the found in column explain your situation buyer credit is good why are -- above -- -- you have more negotiating power and more options.
In terms of negotiating some temporary solutions.
Yes if you think your problem is going to be temporary your lender will offer to -- different temporary solutions they -- suspend your payments and you reduce your payments for a certain period of time.
He -- and the grace periods if you're late.
These are temporary remedies and -- may be available to you but they are only temporary so an -- you've got to try to figure out ways to save more spend last of course you've got to prioritize your -- spending as well and that goes to the next -- longer and longer term outlook and loan modification on the come in many different shapes sizes but generally they involved and interest rate reduction.
Generally they involve an extension of the terms they began forty years a principal reduction or principal deferment.
Some -- now more banks these states have are willing to do these modifications.
We're having a greater success rate which is a good thing and the average her more than it goes through modifications -- about 500 dollars a month to -- gonna look into even -- 60% of homeowners.
Don't know he's modification and I'll teach you try to do it before your credits.
Long before your pet is tarnished you've got to take action and finally short sale consider that this may be an option if you're underwater 20% of homeowners are -- -- -- about this is when you're selling the home back to the -- -- lesson on the mortgage.
A lot less humility that humiliating and going -- foreclosure or credits not going to be as tarnished and you can buy a home in his illustrious because that's it but try not to get into trouble to begin questioning him I -- and RS.
I've spent and I appreciate your advice is always have.
Filter by section