Are you looking to Save or Sell Your Home? This is an important question, but one we believe that:
- You need to only making an educated decision.
- Your decision needs to be based on personal finances.
- Your decision needs to be based on Personal and Family goals
Below is a Budget Worksheet. Your true income / expenses are is critical for you to decide whether to Save or Sell Your Home.
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The Worksheet Below:
- Will prepare you or your negotiator to talk to your lender
- Will ensure your personal finances are ready and available
- Will help you realize what your real budget is each month
- Help you make an educated decision based on Reality
WORKSHEET DIRECTIONS
Disclaimer: This worksheet includes spending that you only do once or twice a year. Add up the ANNUAL expense and then divide by 12 in the monthly space for that category.**
For example:
Weddings.
Most people go to one or two weddings per year. What do you spend for those ooccasions?
- Are you normally in a wedding sometime during a year?
- Do you get your hair or nails done for it?
- Do you get a new suit, tuxedo, or dress(es)?
- Do those need cleaned or pressed?
- Do you give a card or gift?
- Do you usually need transportation or a hotel?
- Add those items and any others you can think of.
Birthdays
- Do you have kids? If so, most people do not realize what they spend every year.
- Your kid’s presents
- Your kid’s party, party favors, gifts for guests, food, cake, location or event, etc.
- They parties that they attend? Neighborhood kids, cousins, school, school frineds, etc.
- The adult oarties you attend? Work, relatives, neighborhood, etc.
Other Examples
- Anniversaries such as marriage, divorce, relatives, work related, etc.
- School Activities, PTA, kids events, homecoming, gradualtion, clibs, sports, sports equipment, sports fees, etc.
- Events of relatives, co-workers, friends, and classmate’s parties you and your family that you attend or host.
- Annual fees from clubs, memberships, HOA, credi cards, etc. for yourself and kids
- Clothing for all occasions and weather for both you and kid’s
In Addition
- Now do the same for each member of your family that will also be participating.
- Now use that amount of ALL occasions and divide it by 12 to get a monthly average.
And more if you are like everyone else.
The goal is to list EVERYTHING you can think of to see exactly where your money is going so that you can make an educated decision on HOW to save your home, programs you (or your negotiator) should talk to your lender about, etc.
Once complete use this information to create your Lender Plan.
Should you then:
- Ask for Forbearance?
- Loan modification?
- Deed in Lieu?
- Cash for Keys?
- Sell wholesale (typically for fast cash)?
- Sell with a Realtor?
- Sell as a Short Sale?
- Ride out the redemption period?
- File for Bnkruptcy?
Recap:
- An educated (not emotional) decision to is needed to Save or Sell Your Home.
- Consider where you would be moving IF selling
- Consider how much your rent will be at the new place
- Consider your new location, neighborhood, and school district
- Consider your future ability to get a new mortgage or refinance
Plese fill out the form below to get started
Budget Worksheet
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