Article Supplied by: Carolyn Beeson Broker / Owner Carolyn Beeson and The Bee Team Email: cbeeson@beesonenterprises.com Web Site:

Avoiding Foreclosure!!

Purchasing a home is usually the largest investment that most individuals will have in their lifetime. Today there are literally hundreds of thousands of homes nationwide that are being foreclosed on.  How can you avoid that misfortune?  

    1. When you purchase your home, do so without using futuristic expectations of 
        any additional income. 
    2. Understand the terms of the mortgage and be aware if your payment will
        increase in the future, usually due to an adjustable rate mortgage.
    3. Mortgage payment should be no more than one week’s income.
    4. Avoid refinancing and adding your credit card debt into your home mortgage
        loan. In many situations, individuals continue using their credit cards which
        often leads to financial disaster.

Sometimes, after purchasing a home, individuals will have adverse situations, such as but not limited to divorce, death of a mate, or loss of job and when these events happen, many find that their resources are no longer sufficient to cover their expenses.  At the point an individual realizes that there is going to be a problem, in making their house payments, they should call the Loss Mitigation Department within their loan servicer’s organization, and explain the situation. There are several programs that have been established to help homeowners but it is imperative that you act quickly. Call and work with your lender to determine what your options are, before your situation becomes too critical to avoid the foreclosure.