Panutich Renovations Enterprise (PRE)

Maintaining pride and ownership in the beautiful thumb area

Help is available, understand your credit score

If you’ve ever been late on making a mortgage payment, the question that always pops into your head is “how will this affect me later on”? Well, you’ll find a portion of the answer here. Do your research and know the ins and outs of your credit profile. If struggling is a current way of life because of a recent job loss or medical situation and the risks include losing your home, don’t fret. There is help available but you have to act now.

1. Don’t miss your payments by 30 days or more if possible. If this happens, you can rebound quickly but a 90 day late payment is a bad as a bankruptsy on your file with a credit score reduction of 160-200 points! This can set you back more than 10 years on your credit profile.

2. Work with your lenders, talk with them about your situation, perhaps it’s temporary perhaps not. Either way, they may help you with skipping a payment or reducing your payment amount temporarily.

3. Do you have negative equity in your home? Check into the federal loan modification program to see if you qualify. Check for updates regularly: http://www.treas.gov/press/releases/reports/modification_program_guidelines.pdf

4. If all else fails, consider selling your home prior to being subject to foreclosure. This is called a “Short Sale”. You have to give up your home, but at least you save your credit! You can always find another home to suit your needs and tastes. In today’s “buyers” market, the possibilities are endless in this situation!

5. Once you’ve made a decision to short sale your home, contact me. I can make this process very easy for you and have you on your way in no time. I work for a reputable organization who specializes in dealing with banks specifically in short sales. Even the Realtors love this program because it eliminates all of their work and pays them their full commission.

A reputable and trustworthy realtor is a key success factor in any situation when it comes to real estate. I recommend one who I work with solely as a result of her ongoing efforts to maintain her code of ethics standard. She is also my friend, please feel free to visit her at: http://www.donnaklewis.com/

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