Home Buyer Or Home Seller In A Difficult Financial Situation—Learn what you need to know if your finances are not where they should be

If you are considering purchasing a home or refinancing—you can go to quickenloans.com or lendingtree.com along with local mortgage lenders in your area—to determine what loan will best suit you—and your family.  You can compare closing costs, APR's and Par rates to determine what loan will best serve your—and your family's long-term interests.

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Practical Advice For Those In A Difficult Financial Situation

If your current cash flow (budget) position allows you the possibility of bringing your accounts current and/or paying off your debt in a reasonable time—that would normally be a better option than filing bankruptcy.

Be aware of attorneys, and other financial professionals who may attempt to manipulate you while you are in a difficult financial and/or cash flow position.

Always realize that you have the means and ability to do a cash flow and budget analysis—along with other financial planning yourself.

A pen and paper and a basic calculator will be sufficient. You must, however be as accurate and thorough as possible with your financial data.

Simply list all of your income on one side of the paper and all of your expenses on the other side.

If your income exceeds your expenses you may be able to manage your way out of your financial difficulties.

If on the other hand, expenses exceed your income you may have to pursue other options—such as getting more income, cutting your current expenses—or a combination of the two!

As always, bankruptcy should be your absolute last option—however be sure not to deplete your retirement and other accounts—if you are now in financial difficulty—as they are in many cases protected against your creditors.

Those who are computer literate—and/or financially more sophisticated can use computer programs and other technology to analyze their cash flow (budget) position.

The basic concept however, does not change. If your expenses exceed your income—you have a problem that must be addressed.

When doing your calculations—whether using pen and paper—or more advanced financial planning tools—you want your results to be where your income "exceeds" your expenses.

By having additional income to pay down your debt you can devise a written debt reduction plan that can help reduce—and possibly eliminate your debt.

By reducing or eliminating your debts you will be in a better position for the future.

By eliminating or reducing your debt you can put yourself and your family on a path to financial independence.

You will also be in position to past the wisdom and experience gained—down to your kids and grand-kids.

To avoid getting in a difficult situation  again be sure to consider purchasing Home Buyer 411—the Smart Guide to Buying Your Home—as many consumers have found it to be very helpful.

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Learn how to apply the— “Keys to Success”—in your life

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