Heart & Soul

So you’ve purchased your dream home. What next? Bankruptcy lawyer and foreclosure expert Tami Wells Thomas has represented hundreds of women in the Atlanta area and is the owner of Wells Thomas Law. She concludes her two-part series with her top tips for staying out of trouble once you purchase a home.

Tip #1: Know what is going on with the finances
Many women that are married or in relationships where their significant other handles the financial affairs are not aware that they are in trouble before it’s too late. Be up to date on all the matters that impact you, and do regular household check-ins.

Tip #2: Consider all options
Many times we get behind on our mortgage payments due to life circumstances beyond our control and sometimes it is just bad money management. Either way, you still have options. Don’t ignore problems or seek a quick fix, if you find yourself in financial trouble. Check with your mortgage company on what options they have available. If that doesn’t work you may want to consider a Chapter 13 Bankruptcy, which may allow you to stay in your home.

Tip #3: Know when to let go
We try to hold on too long sometimes. Maybe because it was our first house, or maybe because it has sentimental value. However, we need to know when it makes more financial sense to leave than to stay. If you decide that financially it’s time to go, you can consider renting out the house or selling the house. If you decide to sell, the mortgage company may even take a short sell, where they will settle for the value on the house if it’s less than the balance owed. If that doesn’t work you may do a deed in lieu of foreclosure or you may just have to allow the house to be foreclosed. The best thing you can do is realize when you are in over your head and get out when you can.

Read Part 1 of our home-ownership series with three essential tips before buying a home >>