12 Tips to Prevent Home Foreclosure

We are facing hard times, between job loss, mortgage rates adjusting our payments and home values lower than what we owe. The fact that 7 out of 10 homeowners are behind on their mortgage payments is a sobering thought.
By: Mary Beth Harrison
 
April 7, 2010 - PRLog -- 1. Protect your credit score.

2. Beware of offers that sound too good to be true - they probably are.

3. Become an educated consumer. Call Mary Beth Harrison, who is Certified Distressed Property Expert, about predatory lending practices - what they mean and how to keep from being a victim.

4. Don't buy more house than you can afford right now.

5. Think twice about non-traditional loans, such as interest-only and adjustable-rate mortgages (ARMs). Fixed-rate mortgages are just that - fixed.

6. When purchasing a new home, look beyond the monthly mortgage. Other costs to consider include property taxes, homeowner's insurance, utilities, maintenance, and, depending on the neighborhood, homeowners' association fees.

7. Don't sign a blank document or anything you don't understand.

8. Know and understand the terms of your mortgage.

9. Don't let anyone persuade you to "pad" your income to qualify for a loan.

10. If you're having trouble making your monthly mortgage payment, don't hide from your lender. Work with your mortgage lender to find out what your options are.

11. Work with The Harrison Group to find a reputable lender and a loan product that works for you.

Originally posted on www.dallastexasrealestateblog.com

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Whether you are buying or selling a home in Dallas, or you are relocating to the Dallas area, the The Harrison Group is here to help.
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Source:Mary Beth Harrison
Email:***@dallasnative.com Email Verified
Zip:75225
Tags:Foreclosure, Avoid Foreclosure, Dallas Tx
Industry:Real Estate, Consumer, Mortgage
Location:Dallas - Texas - United States
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