Thursday, April 29, 2010

Saving yourself in this bad economy

With the way the economy is and so many people in trouble I thought that I would give some ideas on what you can do since I have been down this road over ten years ago. There wasn't anyone then that helped me understand these things. Hope I can help someone.What some people do not know is that if you have a car loan for $3000 that is still owed to the loan company and you do a voluntary repossession  or it is just repoed  the car will go to auction and if it sells at auction for $1500 you will still be responsible for the other $1500. So try to sell your car yourself  for what you still owe on it and pay the loan off. Same goes for your house the options with the house is try and rent it out. Let someone else make your payments. Move yourself into a place where you can afford to live an apt or a smaller house till things turn around for you financially but be careful some mortgage companies do not allow you to do this and is written in the contract. Another idea is double up you kids in their rooms and rent a room out to a college student that creates more income. Hope this helps.

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