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There Are Options In This Tough Economy

Monday, April 4, 2011

There Are Options In This Tough Economy

This is a Sponsored post written by me on behalf of Fannie Mae for SocialSpark. All opinions are 100% mine.

This has been a tough economy on many, many people – and it doesn’t seem to be getting any better anytime soon.  Did you know that reports say having a mere $300 a month more could have prevented most people from losing their homes these past few years?   

Since losing my job 4 years ago, we have struggled to make ends meet.  To help our financial situation, I started working from home.  Despite my best efforts, I found we were still falling short.  Our next step was looking at our monthly bills to see where we could start reducing our expenses.

We had made some minor changes that cut out about $600 a year.  Then, by refinancing our home, we found we were able to reduce that expense by a little over $3000 a year.  Saving a little over $250 a month on mortgage was, and still is, huge.  Between refinancing our home and reducing some other expenses we were able to reduce our overall monthly expenses to just over $300. 

A great site for anyone who is struggling to make ends meet is KnowYourOptions.com by Fannie Mae.  There is a lot of information on refinancing, repayment plan, forbearance, etc. under the tab titled “Options to Stay in Your Home”.  We were able to refinance using the Home Affordable Refinance Program (HARP).  If you’ve already decided that you need to just get out of the house you are in then visit the “Options to Leave Your Home” tab which will give you alternate options to help avoid foreclosure.  Don’t forget to click on the tab which tells you how to “Beware of Scams”.

Anyone who is struggling financially really owes it to themselves to sure they know all the options available to them.  Making the right choice on how to proceed forward is so very important.  I would encourage you to go to KnowYourOptions.com to make sure you have all the facts so you can make an informed decision.

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1 Comments:

At April 6, 2011 at 2:22 PM , Blogger SweetDebbie said...

This is great information. I recently refinanced my home as well and a few hundred less a month makes a big difference, as you said. Thanks for sharing!

 

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