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Budgeting for a Loan Modification

loan modification is an excellent way to avoid foreclosure.  That being said, while a loan modification may help you keep your home, it’s important to maintain a sense of financial responsibility after your loan modification is complete.  You do not want to re-experience a pending foreclosure, which will be the case if you do not budget your money wisely to ensure you can make all of your mortgage payments on time and in full each month.

At Jacoby & Jacoby, we can work with your lender to negotiate for a loan modification that will make your monthly payments more affordable, but it’s up to you to budget your money wisely to make sure you are able to make those payments each month.  The following are some tips for budgeting your money after a loan modification:

  • Make sure you have a solid understanding of the terms of your loan.  This will clear up any confusion you may have, and decrease your chances of defaulting on your payments. Your attorney can review your loan documents with you if there is anything you may not understand.
  • Cut back on unnecessary expenses. It’s more important to make sure you have enough money to pay your mortgage than it is to spend your money on unnecessary things.
  • Create a detailed budget that specifies exactly how much of your income goes toward your each of your monthly expenses.  Creating budget is a good way to see where you can afford to cut back.
  • If possible, try to save money.  Although it is difficult to save money during tough economic times, even saving a little bit can help.   Saving just $25 a month adds up to $300 a year.  The more you can save, the better.  You never know when you’ll need extra money in the event of an emergency or job loss.
  • Don’t spend more money than you can afford each.  When you overspend on one thing, it affects your ability to pay your other financial responsibilities, including the mortgage.

Contact a New York Loan Modification Attorney

Sometimes it can be difficult to come up with a budget on your own.  A New York loan modifications lawyer at Jacoby & Jacoby can help you create a budget that is customized to your lifestyle, spending habits, and level of income.  With our help, we can assist you in creating a budget that you can stick with, so you can easily make your mortgage payment each month and never have to worry about facing foreclosure again!

Contact a New York loan modifications lawyer at Jacoby & Jacoby today!

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