When the life security and memories your home holds are at risk, it is understandable when worry takes over. The unemployment, tax debts and illnesses behind most financial crises can have you at a breaking point before home loss becomes a real possibility. When stress is crippling, summon the tenacity to employ all your legal options.
Release Guilt and Shame
Homeownership remains one of the smartest investments many people never achieve. Yet, homeowners in foreclosure forget they are the exceptions who accomplished the goal. Don't let a momentary downturn destroy your self-worth.
Lenders know your value for them continues if you can survive the setback. They are invested in working with you but can not do so until you contact them.
Do Not Fall Prey to Scams
This is a sensitive time to beware of the black hole of predatory lenders and fraudulent mortgage relievers. Criminals know how vulnerable distressed homeowners are. The government and nonprofits operate free counseling services and hotlines to help homeowners cope and verify the legitimacy of services.
Exercise Your Payment Plan Rights
The time and money it takes the IRS and other huge financial bodies to seize homes isn't worth it in most cases. More often, homeowners break down to initiate their own forced sales just to end the agony.
Established debt consolidators and tax resolution services, such as Fortress Financial Services, Inc., are ideal teammates to help work out payment arrangements. You have rights to multiple, ample opportunities to pay tax debts before you can lose your home. So relax, consult professionals and focus on determining how much you can afford to pay without compromising your survival.
Act According To Where You Are in the Process
At the start of a reversal of fortune, slash your budget and refinance your mortgage. You will repay the equivalent of initial closing costs for property and financial evaluations required to approve your adjusted mortgage, including:
Flood determination assessment
Loan application review
If you are deeper into months of missed payments, investigate consolidation and home equity loan options before time runs out. You need an attorney if you've reach advanced foreclosure stages with lawsuits and home seizure notices.
Only a judge's court order can force you out of your home. Debt collectors are intimidating and aggressive, but do not pack up and move without legal notice you must.
When you may lose it, your home itself becomes a lifeline. People believe they must have a huge home or multi-unit property to rent, but you can convert a den or finished basement into leased office space and also rent rooms. Caution insures renters won't become new financial burdens.
Background check potential tenants. Avoid any with poor credit or evictions.
Work your network for referrals to candidates they know and trust.
Keep a lease with strict stipulations for nonpayment.
Perspective and action, not worry, save homes. Combine your lender, outside professionals and your informed self into a dream team that rescues your homeowner status.