Sunday, April 12, 2015 / by Steven Annth
You do not have to be stuck in your home if you do not want to be. Even if you have a foreclosure looming, there are things that you can do to help resolve the issue. Keep reading this article to find out what you can do to help stop foreclosure.
The Backstory of Foreclosure
In the last few years foreclosures have hit this nation very hard. Some have said that poor financial management and accountability has led to many of the problems that homeowners face. Whatever the reason the end results is that more and more families are finding it hard to make the difficult choices like whether to stay in the house or walk away from it. If they stick it out it will mean cutting back and all of the extras that they enjoy during their daily routines. To stop the foreclosure process many families are doing just that.
If you are nearing pre-foreclosure status you need to take a long hard look at your finances. Can you cut back on something in order to make the payments on the house? Some families have sold one car and just use the remaining car for all of the things that they need. Other families have cut out extras like cable or other subscriptions that they did not require. These types of things might be all you need to get back on track and stop the foreclosure. Would you rather watch football or have a roof over your head?
Most people will find it hard to reduce the spending but it does not have to be permanent. Once you get a new job or get more hours you can always get those things back. With a scaled back lifestyle you should be able to get caught up and maybe stop the foreclosure before it even starts.
Not everyone can just scale back and miraculously pay their mortgage and stop foreclosure. It can be more complicated for some people. They may have nothing to scale back on or maybe they are already in the foreclosure process and cannot put the brakes on fast enough to stop foreclosure. When this happens, it is important to mitigate your losses. It is possible to work with the banks and try to sell your house quickly to a qualified investor.
Sometimes the banks will allow a private auction on the house and you can help advertise the auction. If the house sells for close to what you owe on it, you can be given a deal on the difference and sometimes you can even just walk away. If this happened, there would be no foreclosure but rather a fast house sale. This can only happen if you leave the property in good condition and don't do what some people do when faced with foreclosure. Don't go through your property and take it apart and sell the pieces. You want your house to be worth what you owe so an investor will purchase it and be able to flip it quickly and inexpensively. This will lessen the amount you owe and will be favorable to the bank and mortgage company. If you do end up owing the difference, you can work out a new loan with a lower interest rate as the amount of the loan will be less.
There is always a way out but you may not be willing to do the necessary work. When it comes to your future and your home, don't you think you should do everything within your power to stop foreclosure? It is not as simple as getting a small loan to pay off a credit card so you may need to take drastic measures but in the end it will be worth your hassle.
You can still sell your house quickly and stop home foreclosure. Don't wait until the bank is knocking at your door. Take precautions now and you should be able to get out before your future gets ruined. Check out our blog for more articles!