1. Your credit report. Visit annualcreditreport.com and request your free credit report from each one of the major credit reporting agencies; Experian, Equifax and TransUnion.
2. Analyze your auto insurance coverage to make sure you are getting the best deal and that you are adequately covered.
3. Check your savings and investment accounts. Make sure you are taking full advantage of employer matched savings programs and check the diversity of your investment portfolio. If you need help with investments, talk to a certified financial advisor.
4. Determine your net worth. Make a list of the value of all of your assets and the amount of your liabilities. Then subtract your liabilities from the assets. If the number is negative, you owe more than the value of your assets. If part of your debt is unsecured look for ways to reduce it or eliminate it as soon as possible. Every dollar that goes to repaying interest on unsecured debts, like credit cards, is a dollar you cannot use for securing your financial future, buying a home or meeting your personal financial goals. Certified Credit Counselors can help you determine your net worth and develop plans for managing your debt. Visit the Association for Independent Consumer Credit Counseling Agencies at www.aiccca.org to find a counselor.
5. Once you know the worth of your belongings and investments, determine the level of home or renters insurance you may need.
6. Finally, evaluate your need for life insurance.  MSN Money has a great calculator you can use to determine how much life insurance would be necessary if something happened to you.

The above is just a bare bones list of items you should evaluate on, at minimum, an annual basis. By reviewing these critical areas you will have the information you need to create a plan for your financial success!

When the bank receives title to the foreclosed home, they usually file a claim with the existing home owner’s insurance company to cover damage and missing real estate property items. People who strip or vandalize their home are likely to have the homeowner’s insurance company pursue and prosecute them when the bank faces a loss due to the seller’s intentional behavior.

Personal property are items that are not real estate and it is permissible to sell these items or to take them with you. Personal property may include; furniture, small appliances, mirrors, personal items, throw rugs, portable heaters, etc. Fixtures are considered real estate because they are affixed to the land or to the house, and they are not considered personal property which means fixtures stay with the house. Fixtures include items such as; ceiling fans, stoves, built-in-microwaves, dishwashers, pipes, wiring, sink drains, flooring, etc.

My best advice; we have three basic needs – food, water and shelter. When one of these needs is threatened, it can lead to high stress levels and cause a lack in good judgment and decision-making abilities. Before reacting emotionally to a foreclosure with physical behavior, get help. HUD (Department of Housing and Urban Development) offers information and referrals to your local Housing Counseling Agency that may be able to help you find affordable housing solutions and provide counseling to help cope with the loss of your home. You can also contact one of our Certified Credit Counselors who will help you complete a budget analysis and provide you with recommendations or referrals to help you improve your situation.