A lot of people had experience an unexpected financial crisis at some point in their lives that could hurt in the home mortgage process. It can either be losing once job, or getting a big medical bill, or even needing to have your car fixed. These incidences are just some of the things that can rock anyone’s financial health. But how do you get over your financial crisis? And is it even possible to get a home loan given your financial situation?
You Have to Stay Positive
As difficult as it may seem, you have to start putting things into perspective. Remember that you’re not the first one to experience such financial problems and survived. Keep in mind that you’re not disregarding your feelings about your situation. However, you have to remember that nothing’s going to change not unless you come to your senses. So after feeling stressed about try, focus and try to stay on top of it.
Accept Your Financial Situation
The secret to handling stress is to accept the fact that it is happening. Try to be realistic and stop being in denial. Focusing on the problem, feeling stressed out about your situation, or even being angry wouldn’t help you find solutions to your problems. Try to have an outlet for talk to other people about it like your family or counselors.
Ask for advice from a financial advisor in Utah, credit counselor or an attorney regarding your situation. This can help you clear up your mind and probably help you think of ways on how to solve your problems.
Know the Extent of the Damage
You may try creating your own Personal Financial Statement to know how much the extent of the damage is. This will give you a bird's-eye view of your current financial situation. The PFS is a complete list of both your assets and liabilities. To get your total net worth, you have to subtract the total of your liabilities from your total asset.
You can also record your spending history to know both your cash outflows and inflows for the past few months. As soon as you get that, you can start creating a budget on how you’ll manage your expenses.
Checking your credit score is also highly advised so that you’ll find out what your credit score is. Your credit report is needed especially if you’re applying for a mortgage in Salt Lake City Utah.
Contact Your Creditors
Try to start a dialog with your creditor and see if both of you can come up with an agreement regarding your debt. Ask them if they have any options to somehow take off the pressure on yourself. Some mortgage companies can either defer some of your payments, set up a plan for reduced payments or even refinancing your loan. As soon as you can have the resolved, then you can apply for a mortgage right away.<< Back to the list.
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