Don’t Give into Foreclosure
Tips For Avoiding Foreclosure Today
Posted On: Wednesday, March 2, 2016
In and around Philadelphia, many homeowners are facing foreclosure are living in fear of this problem. Across the country millions have found themselves in dire straits and have lost everything. There is a way to fight back, and keep your home, however, it is going to take a little bit of foresight, some education and a willingness to fight. If you get behind, there is still hope for a brighter future, but it’s going to take more than most people consider at first glance. If you’re not sure what you will do if you get the dreaded letter of foreclosure, take a moment to look at a few tips that could very well help you gain leverage in your home’s mortgage future.
Start Saving Right Now The first thing that you should do is simple, start saving your money. This is not a call to put all the money you have into the bank and hope nothing happens. However, it is not a bad idea. Start with $1 savings. Every day that you can, put away $1 into a savings account or even a physical piggy bank. When you do this, you will be able to start putting away something for the future. Now, this is not going to pay your mortgage, but it will help you see and feel what it’s like to put away some money out of your basic budget. If you are comfortable with this for a month, try adding $2 a day, and then start to rollover to a point where you are saving a good chunk of change a month. The goal with this is to save enough to cover at least 1 mortgage payment down the line. This may take a while, but it very well may save you in the future. If you are up for more of a challenge than save ten percent of each paycheck you bring home. You will be surprised at how easily you can survive without it. This is not a sprint, it’s a marathon, so take your time.
Stay In Contact With Your Mortgage Company This is a simple tip, but a powerful one. If anything goes wrong, even if you are late on one payment, call your mortgage company immediately. Speak to them about what is going on, even if it feels like you’re giving them too much information. You need to stay in contact and establish a good relationship with them. You may get an extension, you may have a forgiveness in place, or they may help you with a program that reduces costs. You will not know what to do if you do not speak to them. Don’t get mad if they can’t bend too much, and don’t over react. Just talk to them. You can’t know what the future holds if you do not open the lines of communication with your mortgage lender.
When The End Is Near, Go With Plan B If you are hit with something difficult at work, or home, it’s time to consolidate. Speak with your mortgage lender, ask them how long you have before foreclosure, and what you have to do in order to comply. You’ll find that they may be able to help you with a secondary plan of action, or they will at least give you a time frame as to how the process works. Again, opening the lines of communication will give you information that you can use to move forward. If you can’t avoid the oncoming train, then at least you can have a time frame to build a plan for evacuating your home, or sustaining an extension and building towards a future. At the end of the day, the number one thing to take away from all of this is simple, communicate. No matter what you’re going through talk to your mortgage lender, speak with them about your troubles and what the process is to avoid foreclosure at all costs. You may be surprised with how you can navigate this arena. If you don’t speak up, you may not be able to avoid the proverbial storm. If you are not getting the help you need please reach out to us. There is always a fix to a problem. Allow us the opportunity to fix yours.