How has the Subprime Crisis affected you? Call or e-mail me to learn about your legal rights. Maybe all is not yet lost... Lowell Steiger, Attorney at Law (323) 852-1100 *************************************************************************************************** Homeowner’s Checklist for Avoiding Foreclosure: Part 2 of 4
You may not be having financial trouble now, but many people do have money problems at some point in their lives. This checklist is not comprehensive and is not intended to provide legal advice. If you need legal advice, you should speak with a lawyer -- whether it be me or another attorney who can help you in this area.
The best way to avoid foreclosure is to make your mortgage the first bill that you pay each month. However, that is not always possible. The following pages provide general suggestions and ideas as to how you can prepare for and work through tough times.
I will be publishing this Checklist in Four Weekly Installments (see schedule below). However, please e-mail me at lowell@steigerlaw.com if you would like the entire checklist and I will be happy to forward it to you immediately!
Publishing Schedule of Homeowner’s Checklist for Avoiding Foreclosure
April 12, 2008: Before Trouble Starts
April 19, 2008: When Things Start to Feel Tight
April 26, 2008: After Falling Behind
May 3, 2008 : Other Things to Know
When Things Start to Feel Tight
Where is the money going? · Create a budget that shows your current income and expenses · Review every item on your budget · Prepare a revised, realistic budget that you can live with until your circumstances improve · Increase your income. o Collect federal and state benefits if you are eligible o Claim the earned income tax credit if you are eligible o Stop all voluntary deductions being taken out of your paycheck o Consider selling unnecessary property to raise money o Reduce your expenses. o Review every expense for potential savings -- reduce or eliminate unnecessary expenses o Pay only for the type of phone service you need o Cancel cable television service temporarily o Identify ways to conserve on energy and other utilities o Participate in a home weatherization program o Review your homeowner's and auto insurance policies and shop around o Claim the owner occupant property tax exemption and others for which you are eligible Other Considerations · Contact your mortgage servicer at the first sign of trouble · Ask your utility company for budget billing so you can pay the same amount each month · If you are behind on your utility bills, start an affordable repayment plan
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