options for keeping your home
Evaluating Your Finances
Before you decide how to deal with your mortgage, you need to review your personal finances. This evaluation will help you determine where you stand and if payment options are realistic for you. How can you begin this assessment?
- Check with your bank to see how much money you have left.
- Call your car loan company to see how many payments you’ve made.
- List and add up any income you regularly have coming in.
“C” is correct. Also list and add up your ongoing monthly expenses and any debts you owe, such as on credit cards or loans. Then subtract your total expenses from your total income. This will show how much money is left or how much money you’re short each month. Come up short? Find ways to increase your income or cut expenses. Use this budget page for extra help.