Foreclosure Notice! What do I do now?
Life happens. You loose a job, enter into a bad relationship, get distracted, or just loose track of your finances. You’ve received a notice from the bank and you’re behind on your mortgage. WHAT TO DO? First, Don’t Panic. There are different solutions with many options. There are professionals out there who know the system and will help (some free and some not-so-free). Next, you need to re-group and re-organize. Get together all your financial information. What do you need to make an informed decision? A list of your assets and liabilities. What you own and what you owe in plain english. If your house is worth $279,000.00, that’s an asset. If you have a mortgage of $219,000.00, that’s a liability. Next is income and expenses. How much do you make (on a weekly or monthly basis) and how much do you have to pay-out every week or month. This is the starting point for your road to recovery. Once you know where you are, then you can decide where you want to be. Next time, we’ll speak about how to find the right professional to help.