January 30, 2006
What you can do to avoid foreclosure
While foreclosure is not an imminent danger in Coachella Valley, there are still a few things that residents can do to tackle potential interest rate hikes. One of the best options is refinancing; owners holding ARMs will have the freedom to refinance into fixed-rate programs and get better terms. Thedesertsun.com reports:
Don't sell on a dip. A local drop in overall sales prices is not yet on the horizon, but if one happens, don't sell until prices recover. Have financial reserves on hand in advance to ride out any tough times. If taking out equity on a home, do so while values are still rising - but beware of spending against equity and creating more debt.
Read more: Foreclosure trend may mask trouble
--
Did you enjoy this post?
Comments
Post a comment
« Credit cards: Pay up fast or regret | Main | Old-fashioned is in: Save and spend »
