Comments on: What Are The Best Actions New Homeowners Should Take To Avoid Going Into Foreclosure In The Future?

By: x

Sat, 10 Oct 2009 21:23:12 +0000

As the previous person replied and also keep other overhead low. Avoid car payments. Buy a used car for cash or less.
Better yet, get rid of the car if you can. Fuel and cars suck up an amazing amount of $. Don’t have more kids than you can afford.
Don’t blow money on booze, cigarettes, fast food, eating out alot, etc. Be married and have 2 incomes if possible.
Have a money making hobby supplementing your day job.
Sell needless things, or things you haven’t used in 1 year.

By: tonalc1

tonalc1 — Sat, 10 Oct 2009 19:24:44 +0000

I paid the mortgage first, no matter what else I owed. I always kept an amount equal to two mortgage payments in my savings account.

By: Frank Castle

Frank Castle — Sat, 10 Oct 2009 17:51:23 +0000

Open a brokerage account and invest in the Stock Market half your paycheck (With the help of a Financial Advisor)
Top 3 Answerer in Business & Finance. (Vote for me)

By: bigwaveg

bigwaveg — Sat, 10 Oct 2009 15:38:48 +0000

Like everyone else said. Pay the mortgage first. Your house is a secured asset. Credit cards are not. Do not take out a home equity loan to pay of or consolidate credit card debts. You are replacing an unsecured loan with your house as collateral. You would be better to use 0% or low interest credit cards to consolidate bills.
After that, budget your money, and if possible, make an extra $25 payment each month toward the principal. It doesn’t sound like much, but an extra mortgage payment each year will cut a 30-year mortgage in half.