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Take Charge of Your Home Mortgage to Avoid Foreclosure

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By : Cassiano Travareli    99 or more times read
Have you just taken out a home mortgage loan to purchase your own home? And have you just moved in? Here are ways to manage your finances so that you will not fall behind in making your payments to your home mortgage company.

  1. Shore up your checking account which is linked to your home mortgage.

    If possible, maintain at least three months worth of monthly amortizations in your account, so that your home mortgage is still covered when an emergency arises. Always remind yourself that it is not easy to catch up once you start to miss payments.

  2. Prepare not only for your home mortgage payments but also for monthly payments related to your home ownership.

    The other monthly expenses you will incur as a homeowner are your charges for electricity, air conditioning, heating, phone, Internet, cable, security, snow removal and condo association dues. You will also have to pay property taxes, so set aside money for them.

  3. Save for home maintenance and possible repairs.

    Expect to have maintenance and repair work done on your house once in a while. You may have the skills to do the repairs yourself, but you still need to buy materials to make the repairs. In most cases, you need to hire skilled workers to do the work for you. Home planners suggest that you set aside about ten percent of your monthly income for home maintenance.

  4. Live a frugal life.

    During these uncertain times, being frugal is no longer being cruel to oneself. It is being kind to oneself. Make a budget and then live within your budget.

  5. Ask help from professional financial planners.

    You need not pay to obtain professional financial advice. There are lots of organizations that provide free financial consultations, such as churches, community associations and nonprofits. You can check web sites that offer financial planning and home mortgage information.
Cassiano Travareli has been educated in the finer points of the foreclosures market over 5 years.

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