We all know how hard it is to lose a house. We also know how damaging it is to lose something that you work hard for in a snap.
Worried that you might be facing foreclosure in the near future? Here are some tips on how you can prevent it from happening.
Step 1: Communicate
The first thing that a person would feel when he or she faces foreclosure is shame. Shame will prevent you from taking any action because you are too afraid to do one. The first thing that you need to do is to throw away that shame and start doing something. Communicate your problems to your partner and family member. Maybe your loved ones will be able to help you in this obstacle.
Do not forget to also communicate with your lender. They need to know your current financial status so that they would know why you’re not paying your mortgage. Tell them your current status and the two of you might be able to find a middle line that can benefit you in the end.
Step 2: Get help
Don’t be afraid to ask for help. There are tons of housing counselors in local government that may help you sort through your problem. Prepare all the documentations needed so that these counselors will be able to help you right away.
Step 3: Stay away from scams
Desperate times call for desperate measures. But not desperate enough to sell your soul to scammers. There are scam artists out there who will lure helpless homeowners just to get money out of them. Heed help from nonprofit organizations not by some random stranger online.
Step 4: Start working
Work, work, work, work. If your lender won’t be able to lower your monthly mortgage, then it’s time for you to get creative and find ways to earn more money. Maybe hold a garage sale. Or take up an extra job. Become an Uber or Grab driver in your spare time or teach English online. There are tons of job opportunities that may help you with your money problems. Just look and be driven and you’ll find one.
Step: 5 Prepare for the worst
Just in case everything else fails (which we hope won’t) then you better prepare yourself for the worst. Find a new house and start anew there. Treat this as something that’s exciting and something that’s truly life changing. Do not ever think that you’ll be stand right back after this because we know that you will. This is just a minor setback that you should treat as a valuable lesson in the future.
You still have time to change your situation. With the help of the right people, you’ll be able to get away from this foreboding dilemma.
