Posted on: 29 March 2017
Although it may feel like the end of the world when you're facing the possibility of foreclosure, you really do have options available to you. It's very important that you be realistic, choosy in whom you trust, and quick to act. Even with options, the urgency cannot be overstated.
1. Don't Avoid The Problem
Unfortunately, the threat of losing a home can be so devastating that people actually look the other way about it. It's such a hard situation to face, but doing otherwise only makes the problems worse. Allow yourself to forget about the issue when you're trying to watch a movie with your family or soak up the stress-free feeling of a hot bath, then get back to facing the issue with the full force of all your resources.
2. Talk To Your Lender Regularly
When you're behind on any bill, speaking with the company you owe money to can significantly improve the problem, even when it's foreclosure. Keep them informed of your plans and progress and work together with them in any way possible.
3. Hire A Good Attorney
Filing for bankruptcy, in a very structured and calculated way, may save you from foreclosure, but it can be tricky and warrants the help of a trained attorney. Find one experienced with foreclosure and ask how filing for Chapter 13 can help you. This would allow you to face all of your creditors and arrange special terms of payment under new guidelines and a new schedule. Such an option might be more appealing to your lender, considering that they eventually receive their money and don't have to handle the foreclosure and home sale afterwards.
4. Consider Other Assets Available To You
In order to keep your home when you're under the pressure of being far behind on payments, liquidation of assets could be a smart move. If you have any applicable assets, such as expensive jewelry or a second vehicle, selling them to make a payment may mean your loan is reinstated and foreclosure stopped, if that's a sensible option for your situation. This move also shows the lender (and the courts, if you opt for Chapter 13 at some point), that you're willing to fight for the right to keep your home and willing to go to great lengths to do so.
5. Be Careful Of Scams
Foreclosure often brings shady opportunists out of the woodwork; thus, it's important that you limit your official dealings to a lawyer and the lender. Some foreclosure "counselors" promise to be able to solve all of your problems, but only really contribute to them in the long run.
One of the best things you can do for yourself when facing foreclosure is talk to a lawyer. This is the one person who will be on your side throughout the entire ordeal and act only in your best interest. They'll also be aware of all of the options available to you.Share