Protecting Your Home During Bad Economic Times

Services for Real Estate Pros with SidCo Property Solutions

Top 5:  Things You Can Do To Protect Your Home During Bad Economic Times

5.  Save.
If you don't already have one, start a regular savings account and a repairs savings account.  Having a cushion to fall back on is a sure way to protect yourself.  Should a situation arise where you need money, you won't have to use the equity in your house as an ATM to deal with it.

4.  Cut back on spending.
Consider your cable service.  Do you have "the works?"  If so, maybe you could cut back to a basic package for a while.  Paying high cell phone and home phone bills?  Put everything on your cell phone and get a package with unlimited minutes to save tons of money each year.  Cook at home more often.  Eating out less will definitely save you more often.

3.  Keep up on household repairs.
Inside the house, be sure to fix plumbing and electrical problems as quickly as possible.  When left unchecked, they can cause even greater (=much more $$ to fix) problems.  Outside the house, keep the yard maintained and paint when you need to.  Watch for repairs that may be needed on your roof as well.  Repairs are a sure way to lose money on the value of your property.

2.  Refinance.
If you currently have an adjustable rate mortgage (or ARM loan), refinance into a fixed rate mortgage.  A fixed rate mortgage means that your interest rate will not change or fluctuate.  It will always be the same for the life of the mortgage.  This will allow you to more easily budget your monthly mortgage payments.

1.  Make your monthly mortgage payments on time.
This is probably the most important thing you can do!  Not only will timely payments keep your credit score up, they will also keep you from accruing unnecessary additional finance and interest charges on your loan account.  Also, you will become a valued customer with whom the mortgage company will be much more willing to work with, should the situation arise.

Are you in a foreclosure or pre-foreclosure situation? We want you to know that there are options available.  You don't have to lose your home.  Your credit score doesn't have to suffer.  We're here to help, offering real solutions for people in real situations.

~Kristopher Wissing
  SidCo Property Solutions -
  Helping people get back on track - one family at a time!

Comments (1)

I should be your Home Inspector. Mark T. Wissing
Nov 25, 2008 12:05 PM