What can someone do when they can’t afford the house payment?
December 17, 2008
My friendand her husband bought a house last year and the monthly payment was high but they were told to refinance it to a lower payment in a year when they built equity.
Well, they never built equity and their savings is gone because they used money from savings every month to make their house payment even though they are both working.
So next month and every month after they will be short $600/month on their house payment. They cut back on their spending, but they still can’t make the high payments.
What options do they have?
Sell it? Rent it out? Can they refinance for a 40 year loan?
Any ideas? If they sell it then they will take a loss since the market slowed down in their city.
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How much house can you afford an a 100,000 per year salary?
November 17, 2008
just wondering….i know it depends on debts and that sort of stuff. there isnt too much debt or anything like that…we pay about 550 in car payments, and then all of our regular bills. our house payment now is 1200, but when we bought this home we put 0 down and had worse credit and were only making 40,000 per year. now im working and we are selling this place…we hope to put at least 10,000 down(not much, but were using the other money for a baby in the near future, and other bills). thanks!
by the way…im looking for a home price…like 200,00…etc….or a house payment you think i can afford
okay….im just wondering! i watch house hunters all the time and i see couples who have jobs as teachers(which I am), or secretarys buying homes that are 500,000! Im just wondering how figure out how much you can afford?
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FSBO - Pre Foreclosure Deals
August 8, 2008
FSBO: For Sale By Owner Pre-Foreclosure Deals
FSBO bypasses realtors and stands for “for sale by owner”. For sale by owner pre-foreclosure deals are another way to save money when looking for a house or property. Sometimes people are lining up to buy foreclosure deals, which can create a bidding war among interested parties. A solution to this problem is to get in there before the deal becomes a foreclosure deal. A pre-foreclosure deal happens at the eleventh hour but can be very worthwhile.
Short sales by owners facing potential foreclosure can be very motivated buyers who want to get out with their dignity and some money in tact. Many of them sell privately to try to get a deal before they lose their house and all their equity. You can make a great deal and get in before others are interested in bidding against you by looking for a “for sale by owner’ pre-foreclosure deal.
Home Shopping Tips
August 8, 2008
Home Shopping Errors That Can Lead To Foreclosure
Foreclosure is a four-letter word to those shopping around for their home or who have recently bought a property. There are things you can do before you buy to reduce your chances of foreclosure.
Buying more home than you can afford is the number one reason for a foreclosure. Just because the bank approves you for $300,000.00 doesn’t mean you should buy a house for $299,000.00.
Be very cautious about the size of your mortgage. Instead of going for the maximum allowance of what you are approved for, leave some breathing room. Live below your means instead of right at them.
A Rainy Day Fund
It’s also a good idea to work to keep at least six months worth of mortgage payments in the bank in case something happens to your income level so you have time to react. Keep this money in a high interest bearing account but ensure you can get to the funds easily if need be.
Foreclosure Listings - Where To Find
July 2, 2008
Finding Foreclosure Listings
Many people know that you can save a lot of money on buying your new home (or an investment property) if you check foreclosure listings. Finding good home and property listing services to provide you with this information can help you find a great deal on a home.
There are foreclosure listing services that are specific to certain areas and that are going to give you information quickly. A free service can be very useful but paid services might offer you information quicker than it is released to the general public.
Finding a good foreclosure listings site
Look online for foreclosure listings and do a search based on the city you are interested in as well which can give you more detailed results and save on sifting time.. You can probably find listings services that will even alert you when a new listing comes up based on your preferences.
Foreclosure Listings - Finding A Bargain
July 2, 2008
Using Foreclosure Listings to Save Money Buying Your Home
When buying a new home, you can use foreclosure listings to your advantage. Unfortunately, many people lose their homes due to financial problems. Many problems stem from the fact that they could not afford their mortgage in the first place. There are listings available that show prospective buyers many homes that are discounted due to the original owner defaulting on their mortgage.
Use the many online resources wisely and read through foreclosure listings to find a home at a great price. It’s too bad that your good fortune could come at the price of someone else’s misfortune but looking at foreclosure listings could save you tens of thousands of dollars off when buying your home.
Free or Paid Subscriptions?
There are free and paid foreclosure listings available that show you power of sale properties at a fraction of the original listing. Free listings might not be updated as regularly as the listings you pay a subscription fee for. Take a look at all the available options before paying for a subscription service.
How does Publishers Clearing House afford to give away millions of dollars?
August 12, 2007
Seriously these people sell magazines……? Where does all the money come from they give away?
Create a video blog…instantly.
How much can we afford to pay for a house?
May 25, 2007
I know the best answer to this is to contact a professional but we aren’t at that stage yet. I was just wondering if anyone could tell me about how much we can afford to spend on a home if we would like a house payment of about $1100.00. We do not want to put any money down. Thank
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How does amortization help the man afford the house?
February 2, 2007
Usually when an American adult wants to buy a
house, he does not actually have all the money
to afford the house right away. How does
amortization help the man afford the house?
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.