The Truth about Loan Modifications, Short Sales and Foreclosures
A Practical Guide to Fixing your Real Estate Crisis
Topic: Real Estate, Your Mortgage, Investment and Financial Planning: Now Is The Time to be Proactive About Your Financial Security
Where: Lancaster Public Library
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At this workshop, you will learn:
- Who are you: What's your money personality type and what strategy works best. (Saver, Spender, Impulsive)
- What are your goals: Family, personal professional, and other. Prioritize them.
- Taking Financial Inventory: Assets, Liabilities, future roadblocks, needs or windfalls.
- Risk Assessment: Job Security, Health (including family), Insurance needs, Estate Planning
- Plan Development: Establishing a budget and cash flow management.
- Implementing the plan: discipline for undisciplined people
- Rebuilding Credit
We are experiencing the worst financial crisis in the history of the United States since the Great Depression. Loan defaults, foreclosures and bankruptcies have reached record numbers. Unemployment has nearly doubled since 2005. California has the highest the highest unemployment in the nation. The SP500 has lost nearly 50% of its value from its peak back in October of 2007. It may take months and probably years for the various government bailout and stimulus packages to flow through Wall Street before we see any benefit on Main Street. But it's not all doom and gloom. The US has a diverse economy and Americans are innovative and resilient. We will get through this, but it will take time for our economy to heal. You will get through it too, but now is the time to be proactive about your financial security.
If you are late or struggling with your mortgage payment, make an appointment today with a reputable company that specializes in doing loan modifications (like our team - check us out on the BBB website. Or, if you are not yet late and you have equity, see if you can take advantage of a lower interest rate by refinancing. I recommend that you work with us because if you discover that you are not eligible for a refinance, then you can discuss how a loan modification might work instead. It's best to talk to a professional who has the ability to offer both options so that you make an educated decision.
Secondly, create a financial plan that works for you. Sadly, over 50% of loan modifications end up back in default because the family or individual did not have a "workable" financial plan going forward. As shocking as this may sound, it's really not when 70% of Americans do not have a budget, 97% of Americans will not be able to retire at 65 because they haven't saved enough. So if you have been fortunate enough to be given a second chance by your mortgage company with a loan modification do yourself a favor and don't blow it by not having a plan.
This is why I recommend Cristinha Furtado's workbook called, "Seven Steps to Rebuilding Financial Security After Your Real Estate Crisis". This is a financial planning process that I specifically designed for someone who has gone through or is going through a loan modification, short sale or foreclosure. It's much different information than the standard text book financial planning advice you hear every day. Ask someone who is in foreclosure what it feels like when he wakes up in the morning not knowing how he is going to tell his family that they lost their home. He doesn't care about the difference between an IRA and a 401k. He needs some practical advice that will help him rebuild his family's financial security. The person who's struggling to make their monthly loan payments doesn't want to hear about the virtues of different mutual funds. He wants is to learn how to save his credit so that he will not be turned down for a job or promotion because of bad credit. Seven Steps to Rebuilding Financial Security After Your Real Estate Crisis is a workbook that provides steps that people can take to rebuild their financial security from the ground up.