January is Financial Wellness Month
An estimated 1.8 million families will face foreclosure this year, and a disproportionately large number of them will be in Florida. Foreclosures affect everyone in the community, not just the family who loses their home. Vacant, boarded-up properties with sale notices on the door bring values down for blocks around, sending the subdivision into a downward spiral so many families then lose equity. Crime often increases, schools suffer, and economic growth all but stops.
Studies show that roughly 50% of delinquent borrowers avoid contact with their lender, hoping the problem will just "go away." Further, more than six in ten delinquent homeowners are not aware of services that mortgage lenders can offer a person who is behind in his/her mortgage. Not only can mortgage lenders be helpful by delaying payments, rewriting terms, and lowering rates, but real estate professionals can and do sell houses long before the bank forecloses - if they are brought in before the homeowner becomes too delinquent in payments.
Financial Wellness Month emphasizes 888-995-HOPE, an independent 3rd party non-profit group ready to offer advice and counseling. Use January to start the year off with a commitment to financial wellness. Some suggestions to achieve this goal are:
1. Education - find what's available to help you
2. Use the expertise of others
3. Plan way ahead for major expenditures
4. Live within or beneath your means
5. Pay yourself first - start a savings account
6. Participate in any company savings plans
7. Make goals and review your progress
I've worked with many sellers in short sale situations, and buyers of distressed properties. I can help - don't put yourself and your family through foreclosure!
Sherry Armstrong, REALTOR
386-679-3191
sherry@sherryarmstrong.com