Would You Qualify?

Facing a Foreclosure? One solution is to negotiate a repayment plan with your mortgage company.

For a mortgage company to accept a repayment program (also known as a forbearance), among other things, you must be able to prove to the bank that you are on the road to recovery. Financially speaking, this means that you need to be saving excess money on a monthly basis after paying all of your expenses.

To calculate whether you are running a deficit or a surplus every month, use the following expense list as a guide:

Rent or home mortgage payment: $- amount

________

Are real estate taxes included' y/n ________

Is property insurance included' y/n ________

Utilities:

Electric ________

Heating fuel ________

Water and sewer ________

Cable television ________

Telephone ________

Internet ________

Home maintenance (repair and upkeep) ________

Food ________

Clothing ________

Laundry and dry cleaning ________

Medical and dental expenses ________

Transportation (not including car payments) ________

Recreation, clubs and entertainment, newspaper, magazines, etc. ________

Charitable contributions ________

Insurance: (separate from wages or home mortgage payments)

Homeowner's or renter's ________

Life ________

Health ________

Auto ________

Other (specify) ________

Taxes (separate from wages or home mortgage payments)

Personal Property Taxes (a) ________

Other Taxes (b)_________________________ ________

Installment payments:

Auto ________

2nd mortgage payment ________

Credit Cards ________

Other ________

Alimony, maintenance, and support paid to others ________

Childcare ________

Regular expenses from operation of business ________

Total Monthly Expenses: ________

A. Total Projected Monthly Income: ________

B. Total Projected Monthly Expenses: ________

C. Excess Income (A minus B) ________

If you are running a deficit every month, you will be better off selling your home prior to the auction date.

If you have determined that you have a surplus at the end of every month, chances are your mortgage company will be interested in working with you. For more details, contact a local foreclosure counselor who can guide you through the negotiating process.

More info on your stop foreclosure information search:

Get Free Foreclosure Advice and Free Refinance Quotes
Get your free on-line foreclosure refinance quote and free advice from foreclosure mitigation specialist in minutes. Compare real offers from top national subprime and hard money lenders... more...

Short Sale 101
This occurs when the net proceeds from the sale of a home are not enough to cover the sellers' mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate practitioner's commission. The seller is unwilling or unable to cover the difference. Some ? although by ... more...

Tax Lien Foreclosures
Almost everyone has heard about foreclosures but not too many have heard about tax lien foreclosures. This type of foreclosure results from non-payment of taxes due to property, income other taxes put against any type of property. If foreclosure occurs, more likely than not the original property ... more...

Mortgage Forgiveness Act Provides Income Tax Relief To Foreclosed Homeowners
What's positive about being foreclosed upon or selling your home for less than you owe? Well, for most people, not much. Yes, you are relieved of an onerous mortgage loan and you are now free to find housing that is more affordable within your budget. But not everyone fully understands the ... more...

Property Taxes, Hazard Insurance, HOA Fees, and Foreclosure
When homes go into foreclosure, the owners are often far more worried about the mortgage payment than anything else. There are numerous costs involved with owning a house, though, and all of these need to be paid before and during the foreclosure. If they are not paid, and the homeowners are able ... more...