WILMINGTON NC SHORT SALE, I am Paying My Mortgage Payment From My Savings And Credit Cards

I am Paying My Mortgage Payment From My Savings And Credit Cards

 

I have seen some home owners paying their mortgage payment from their saving accounts and credit cards in order to pay their monthly payment because they don’t have enough money to pay their payment and don’t want to be behind in payment. 

Home owners are trying their best to save their house and doing everything possible they can to pay their mortgage.  You have to ask yourself these questions “how long am I’m planning to pay like this?” And “Is this just for current month or for more than couple of months?

If it’s just for a month because of some unseen financial issues then it may be ok but you should be really careful by using credit cards to pay for monthly mortgage payment because next month, you have to cover additional payments for this charges on your credit card plus your monthly payment.

If you are using credit cards and also getting money from savings to pay your mortgage for more than a month then it’s a sign of financial hardship and you have to take some early action to resolve this problem by either modifying your loan or short sale (sell your house) otherwise you will get into deeper debt before you know it. 

If you think, your financial hardship is temporary and will be ok in a short period of time then contact your lender directly for loan modification and ask for their loan modification package.  You can do this loan modification for free by contacting the lender directly.  But, if you know that you cannot refinance because the property value is upside down and the lender denied your loan modification because you don’t have enough income then contact a short sale expert in your local area to do short sale. 

I know, you are trying your best to save your house by paying your mortgage on time, but my sincere advice is that, don’t maximize your credit cards and empty your savings in order to pay your monthly payments, in this way, you will end up in more debt which will create more problem and tension in the future. 

Once you know that you will be in trouble in paying your mortgage, contact your lender immediately for loan modification and if the loan modification is not possible then try to do short sale to avoid foreclosure from your credit.

If you are in Wilmington NC area and need my free consultation on how to do loan modification or if you need my free service for short sale then feel free to contact me at 910-622-0319 or email me, I would be happy to assist you.

Nilesh Jethwa

WILMINGTON NC SHORT SALE EXPERT

Extending the Tax Credit Wilmington NC

This is the latest I have on the extended tax credit for first time homebuyers. The House of Representatives has approved legislation that would extend and expand the credit. The House vote comes after the Senate voted yes on Monday night, and while there is more work to be done, word has it that an agreed upon bill should reach President Obama for his signature by the end of this week 11/6/09. Under the proposal, individuals with income up to $125,000 a year and couples earning up to $225,000 would be eligible for the credit. The extension would cover homes under contract by April 30th and closed by June 30th, 2010. The Tax credit will be expanded to non-first time homebuyers as well. There are a few tweaks for non-first time homebuyers – the credit is reduced from $8,000 to $6,500, and they must have owned a home for at least five of the past eight years.
Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan called on Congress to approve three important measures to improve housing and the housing market for Americans: extension of the First Time Homebuyers Tax Credit for a limited period, extension of higher loan limits for home mortgages, and secure funding for the Housing Trust Fund. “We welcome efforts taken by Congress to extend the First Time Homebuyers Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide,” said Secretaries Geithner and Donovan.

Remember this is not final, and even if it is approved, it could contain further changes.

If you would like additional information on buying a home please contact me directly.  Click here!

Post by Nilesh Jethwa  Wilmington and Leland Real Estate