Sunday, April 14, 2013

When You Are Facing Foreclosure

When you are facing foreclosure, you are entitled to be mad at the world. After all, why this happens to you? You’ve been doing an honest job, you have never cheated, you’ve been good to the community and yet you are struggling with your finances. And now, you are facing foreclosure. You can lament for the unfairness of the situation but still, foreclosure won’t go away unless you do something about it.

If the most dreaded “F” word has come into your life, here are a few things you can do to avoid foreclosure:

Get additional sources of money.
  • If you can have two or more jobs, then do it. More jobs mean more income for you to support your financial needs.
  • Borrow money from family and friends. The keyword is borrow, not ask. It will be easier for them to loan you money because they know that you are planning to repay them. It is even better if you can present a repayment plan that is enough for your budget.
  • Get a loan from your car that would tie you over until you are able to take control of your finances.

Apply for loan modification or government programs.
    Foreclosure is not instantaneous; it can take up to 12 months depending on your lender and your location. If you receive a notice from the bank about the incoming foreclosure, do not kill the messenger. Read the fine print and take the phone calls. In fact, the first thing that you should do is talk to your lender. You will be surprised to know that your lender will be happy to work with you because they too, are avoiding foreclosure.

    Check out government programs and see if you qualify. You may need to apply for the program through your lender. It is another good reason why you should work with your lender.

Sell your home quickly.
    Yes, selling your home to avoid foreclosure is not that bad. You may lose your home in the process but with your credit score intact; you can qualify for a loan and own another home in no time. 

Sell your home for cash to Lucas Properties LLC. They are a private property investor who have been in the industry for years; helping homeowners with distressed properties to have a chance at getting back to their feet again.

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