Here are some questions to as yourself to see if you are a distressed homeowner. Please answer the questions 'yes or no' and then tally the number of yes and the number of no.
1. Are you behind on your payments?
2. Do you owe more than your home is worth?
3. Do you have more than one loan on your home?
4. Are you behind on the property taxes,hoa dues, or insurance?
5. Do you have deferred maintenance or home repairs that you cannot afford to do?
6. Are you on an adjustable mortgage that is about to adjust?
7. Do you owe more than $500 on credit cards and car payments or child support or student loans?
8. Is your income less than when you bought the home?
9. Within the last year, have you had less income, lost your job, got a divorce, suffered illness?
10. Have you been late on any payments?
Scoring - How many YES did you have
1-2 Keep on doing what you are doing. It seems you will keep your home and be fine.
3-4 What out for the areas where you marked YES. You may need some adjustment to your lifestyle and spending to keep your home
5-6 Definitely cut your spending to keep your home.
7-10 Now is the time to check options to see what the next step is for you. Do you need a loan modification, priniciple reduction, short sale?
Call your bank or the area short sale expert for information on what to do and how to do it.
I am the short sale expert for La Quinta, Indio, Palm Desert, Coachella, California and will be glad to help you with your options at no cost to you.
LORI BOWERS
http://www.desertareahousingmarket.com
The Lori Bowers Group
A boutique Real Estate Office, with a full service team to serve all your Real Estate Needs
La Quinta, Palm Desert, Indio, Rancho Mirage, Coachella , Indian Wells and the surrounding Palm Springs Area.
78065 Main St., Suite 107
Old Town La Quinta
La Quinta, CA 92253
Phone: (760)777-8788 • Fax: (760)771-5355
So glad I don't have to answer yes to any of these question, but there are so many unfortunates that do. That's why they need the help of a professional. The emotional toll these life circumstances take are extreme. They need to focue on their families while we help them get through it.
Nice posting, Lori. There are always thresholds that folks need to evaluate to determine their risks. Those are good starting points for the borrowers to assist them in grasping what is in the near future.