5 Tips for Avoiding Home Foreclosure

by Amber Temerity | Save Money

Is your home on the verge of foreclosure? Don’t give up yet. There are steps you can take to help you avoid foreclosure. As scary as it may seem, just because you’re afraid you may be headed in that direction doesn’t mean you’re doomed. In fact, there are actually a number of solutions you can look into. And even if you’re not in danger, it’s still good to take a few steps to prevent that possibility if something goes wrong down the line. Read on to find some helpful advice on what you can do to avoid foreclosure.

1. Prioritize Your Monthly Mortgage Payments

To start, the most obvious way of avoiding foreclosure is to make your payments on time and in full. Of course, it’s understandable that sometimes this is easier said than done. Especially since you have other important expenses to keep up with as well.

One way to make sure you don’t fall behind is to build up a savings account for emergencies. That way, if there are times when money is tight, you can have other funds to dip into to make vital payments, like your mortgage. If you don’t have the extra income to build an emergency account, consider taking on a short-term second job or side hustle to earn more.

You can also analyze your current monthly spending habits. While some expenses are absolute necessities, there are areas where you may be able to cut back. For instance, you could cut down on ordering takeout, make coffee at home instead of paying for Starbucks, cancel cable TV and/or certain streaming services, or generally hold off on frivolous spending for a bit. Even the smallest change can add up.

Another thing that can help is to have assets on hand to sell for cash if needed. However, you should consult with an expert before making this decision. Again, you don’t want to sell something that is essential to you and your family’s everyday life.

2. Be in Touch With Your Lender

Be aware of your lender’s attempts to contact you. This means actually opening and reading the snail mail and emails they send you. If any of these mailings require you to respond, be sure to do so as soon as possible.

Ignoring these mailings is even riskier if you are anticipating bad news financially. You could miss very important notices that need to be resolved in a timely manner. In some cases, the notices are sent to make you aware of potential legal actions.

Don’t be scared to contact your lender when you’re worried about the possibility of foreclosure. In fact, reaching out to them as soon as you notice a problem can help mitigate the issue. Keep in mind that a lender wants you to keep making mortgage payments—which foreclosure would stop.

You can also contact your lender about a mortgage repayment plan or forbearance. If you’ve recently been dealing with a financial setback, a home foreclosure would only make it worse. Depending on the circumstances, you may be able to discuss a more flexible mortgage repayment plan with your lender. Be prepared to assure them that this setback is only for the short term.

Forbearance means that your lender would temporarily freeze your mortgage payments in the case of financial trouble. You’ll have to discuss this with and get approval from your lender. In order to get approval, you will also have to supply certain documents and financial records.

Again, if you’re having trouble with finances and are unsure whether you can continue to pay your mortgage as is, it is absolutely necessary to contact your lender as soon as possible. Don’t wait until the problem escalates.

3. Avoid Foreclosure by Refinancing Your Home Loan for Lower Monthly Payments

When you choose a home loan refinance, you are essentially able to open a new, different loan. This new loan is used to pay off your original loan, and all future monthly payments go toward the new loan. Refinancing can grant you a more flexible loan term, a change to the timeline, lower interest rates, and lower monthly payments. This can make keeping up with mortgage payments more manageable.

Of course, refinancing isn’t the right choice for everyone. As with any major loan, there are both pros and cons to consider. Speak with your lender to discuss if refinancing would be the right move.

4. Consider Signing a Deed-in-Lieu of Foreclosure

While this is a way to avoid foreclosure, it also means releasing ownership of your home. If you choose to sign a deed-in-lieu of foreclosure, you are no longer responsible for mortgage payments. But that’s because you have signed over ownership of the house to your lender.

As with any important document, make sure you completely understand the deed-in-lieu of foreclosure before signing. Consult with an attorney about this option before making a final decision.

It’s usually good to have an attorney on hand with a situation as delicate as a foreclosure. If a company offers something that seems too good to be true, seeking legal advice could help you to avoid a foreclosure recovery scam.

5. Short Sale

Like a deed-in-lieu of foreclosure, a short sale also means having to leave your home. So, while it may be a last resort option, it’s still good to be aware of and keep in mind. If you do choose a short sale, you will have to get your lender’s approval before pursuing it any further.

With a short sale, you sell your house for less than you owe the lender. Hence, why it’s called a “short” sale. However, this option usually means that, after accepting the amount you receive, a lender will forgive the remaining balance.

Now that you know your options and the steps you can take, you can take a deep breath and form a plan that best suits your wants and needs. Does refinancing to avoid foreclosure sound like the right move for you? Then start looking for the best mortgage refinance loans available in your area. If you’re in the Pacific Northwest, you can find more information on Solarity Credit Union’s home loan refinance options on the lender’s website. Their Home Loan Guides can walk you through the process and help you focus on the future.

5 Ways to Save Money on Car Repairs

by Amber Temerity | Save Money

We all know that car repairs can be expensive. Whether it’s something major like an engine repair or something minor like a flat tire, car repairs can take a serious toll on our wallets. But what if I told you there are ways to save money on car repairs? Here are 5 tips you can use to keep more money in your pocket next time your car needs some work.

Check to see if it’s covered by insurance or your extended warranty

Car repairs are never fun, but they can be especially frustrating when they come unexpectedly and start to eat into your savings. One way to help ease the financial burden of car repairs is to check to see if the repair is covered by insurance or your extended warranty.

Many car insurance policies include coverage for mechanical repairs, and extended warranty companies often cover major repairs as well. If either of these applies to your situation, be sure to take advantage of it and save yourself some money.

Do it Yourself

One of the best ways to save money on car repairs is to do the work yourself. If you’re handy and have some basic knowledge of cars, you can save a ton of money by doing the repairs yourself. There are plenty of resources available online and in libraries to help you troubleshoot and fix common car problems.

Here’s a few tips on how to get started:

1. Do your research:

Before you start taking anything apart, it’s important to do your research and figure out what exactly needs to be fixed. A quick internet search can often provide you with detailed instructions on how to fix common car problems. However, if you’re unsure about something, it’s always better to err on the side of caution and consult a professional.

2. Gather your tools:

Once you know what needs to be done, it’s time to gather the necessary tools. For basic repairs, you’ll likely just need a screwdriver, a wrench, and a few other household tools. However, more complex repairs may require specialized tools that you don’t have lying around the house. In these cases, it’s usually best to leave it to the professionals.

3. Take your time:

Even if you’re confident in your abilities, it’s important to take your time when doing car repairs. Rushing things can often lead to mistakes, which can end up costing you more in the long run. So take a deep breath, relax, and take your time fixing those pesky car problems.

2. Compare Prices

Car repairs can be expensive, but there are ways to get the best deal. One way to save money is to compare prices from different mechanics. By calling around or checking online, you can get a sense of how much the repair will cost. You may also want to ask for a discount if you have more than one car that needs to be repaired.

3. Negotiate

Don’t be afraid to negotiate with your mechanic on the price of parts and labor. Remember, they’re running a business too and they want your repeat business. If you feel like you’re being overcharged, politely explain your concerns and see if they’re willing to lower the price.

Many mechanics are willing to work with customers on the cost of repairs, so it’s always worth asking. You may be surprised at how much you can save by simply negotiating with your mechanic.

DIY Oil Changes

One of the most common (and expensive) services mechanics provide is an oil change. But did you know that you can easily do this yourself? With a little bit of time and effort, you can change your own oil for a fraction of the cost of taking it to a shop. Plus, it’s not as difficult as it sounds- there are plenty of helpful guides available online that can walk you through the process step by step.

Here’s a step-by-step guide to changing your oil in your automobile:

First, you’ll need to gather the necessary supplies. You’ll need fresh oil, an oil filter, a wrench, and a clean funnel. Once you have everything you need, locate the oil drain plug under your car. Place a clean pan under the drain plug to catch the old oil. Use the wrench to loosen the drain plug and allow the old oil to drain out completely.

Next, remove the old oil filter and replace it with a new one. Be sure to use fresh oil when refilling your car’s engine. Once you’ve replaced the old oil with fresh oil, reattach the drain plug and tighten it securely. That’s it! You’ve successfully changed your car’s oil.

Next time your car needs some work, don’t reach for your wallet right away – try one of these 5 tips first and see how much money you can save! From doing it yourself to using coupons, there are plenty of ways to keep more money in your pocket when it comes time for car repairs.

How To Save $2,500 For Summer Vacation

by Amber Temerity | Save Money

Do you look through your window past the dreary grey winter sky and dream of a sandy beach and soothing sunshine? Do you prefer the May flowers to the April showers? Summer vacation is probably the best cure for what ails you, but we all know they can be pretty expensive.

So how do you save up for a summer vacation? When you approach a vacation budget as a year-long process, it turns out that it’s a lot easier than you might think, and I’m here to show you how.

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