If you need to make your home more affordable...
1) Talk to your current mortgage loan company. By doing this you will reduce your monthly payment How? Let's say you got a 30 year loan for 4.25 % on 2008 and you have paid all the way until now and you have reduced the principal substantially by now you can then talk to your mortgage company into Recalculating your mortgage for you (The current balance over how many years you have left to complete 30 years...Do not start 30 years loan again!!!). Your final achievement is it will reduce your current monthly payment you will remove PMI( if you are paying that in your monthly dues) and will keep a decent interest rate.
2) Apply for all the tax exemptions you qualify for such as Homestead, Senior citizen , Widow and military spouse discount etc
3) Another way to reduce payments is to shop around for car loan: Let's say you have two car loan for $20,000 left at 6.57% and your current payment on a 4 year loan is $474 and you refinance your loanwith a local credit union such as "FSCU" at 4.00% your new payment will be $451 on the same 4 year term left in other words you will save $23.00 per month per each car or save $552.00 per year or the incredible $2,208 for the 4 years left on the two cars. This will save money to make your home payment more affordable.
4) Eliminate all services you no longer require such as phone land line at home, fees for storage unit when you can do a garage sale and avoid having stuff and making a payment, sell the Motorcycle, Second Car or Pick up that you use for hauling something you buy once a year when you can rent a pick up for 1 day., Boat you no longer use or use lightly 1 month a year but requires insurance payment, registration fees and storage and making a loan payment.
5) Work a part time job: this will keep some income coming to you by working a few hours more than what you have now.
6) Reduce your Expenses to the minimum!. such as checking ,overdraft, renewal credit card fees, minimum balance fees, late fees of any type including utilities, insurances for car & home. Place them in auto pay to avoid missing a payment due date and pay late fees!. It all ads up!!. Instead of buying sodas for everybody at $7.00 make lemonade $ 1.00 for everybody ($6.00 x 300 days= $1,800 in savings per year) not to mention the healthy benefits you will get from it and future doctors bills!. 2 persons at Starbucks coffee $8.00 daily x 200 days a year = $1,600 when you can buy a HEB 2 cups of coffee for less than $2.00 a Medium size version of it.
7) If all of the above did not work Go Ahead and Sell your home. Collect your earned share of pie rather than lose it to foreclosure call me Ed Polack at (832)-403-0150 with Elite Texas Properties to start selling your home. Time is of the essence!.
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