5 Tips to Avoid Foreclosure After You Lost Your Job

5 Tips to Avoid Foreclosure After You Lost Your Job
  • Opening Intro -

    Foreclosure is a word most people never want to hear or discuss in their life.

    That is one of the main reasons why most Americans end up losing their homes if they ever come close to dealing with foreclosure.

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Foreclosure is a word most people never want to hear or discuss in their life. That is one of the main reasons why most Americans end up losing their homes if they ever come close to dealing with foreclosure.

Sadly, the entire process of risking losing your home is extremely painful, and most people don’t have the necessary information, mental status or willpower to fight it.

There are a few tips that you should know before raising the white flag and surrendering your home. These could make the difference between getting out of this very difficult situation or losing something you invested lots of time, effort and money in.

1. Fight your fear

Although this does sound a little abstract, fear is a killer in these situations. It prevents you from thinking clearly and makes you miss bill payments, not look for solutions and ultimately get used to the idea and just surrender.

Nothing will do more good to your morale than getting up and doing something to avoid foreclosure. Try to motivate yourself to get up and put up a fight.

2. Workout and clarity

First things first, arrange a long, clear talk with your lender. Most of them are willing to set up a compromise agreement so that you can continue with your mortgage than take your home in a foreclosure.

Try to work out something with them and make sure you understand the conditions very, very clearly. Having a $500,000 mortgage on a home that is worth $250,000 is hardly a good place to be, so make sure you understand all the implications of the solution the lender provides.

Mortgage payment concern? It can happen to anyone. Learn our tips on how best to manage and payoff a mortgage.

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3. Increase your cash flow

This seems like a no-brainer, but some people are still trapped in the 9-to-5 environment. There are other ways to make an extra buck a month, like freelancing, micro jobs, taking paid surveys, participating in clinical trials, etc.

These solutions may or may not be good on the long run, but a few lost nights doing freelance work can net you that much-needed extra cash to get back on track with your payments.

4. Refinance

In some conditions, you might be able to refinance your loan. Especially if the mortgage you’re currently paying is near or below what your house is worth on the market.

Refinancing can lower your interest rate and your monthly payment. If your home qualifies for this, check all available options.

5. Try to sell immediately

While this may not be the best solution or the one you’re currently looking for, it might get you out of the mess without destroying your credit score. Find a good real estate agent that has a proven track record of selling houses quickly, pay off your loan and work on the future from there.

We hope that you never get to apply any of these tips and stay away from any risk of foreclosure in your life. If you do run into these troubles, these tips could mean the difference between losing your home and getting back on track. Do you know any other methods through which you might avoid foreclosure?

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Categories: Home Selling

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