Thinking outside the box when you are in a financial crisis may help you save your home. Julia Vakulenko was kind enough to make her post available for a re-blog. She has a very interesting blog you can check out here. Enjoy. :-)
It’s a situation facing hundreds upon thousands of people and the numbers are growing rapidly. Foreclosures aren’t just happening to people who have over spent and got into risky loans. They are happening to homeowners who are getting divorced, facing health issues, needing to relocate for a job, and numerous other reasons. Regardless of how you may end up falling behind on your mortgage, knowing what to do next is critically important.
A lot of the news media is talking about the first thing you need to do is contact your lender. However, if homeowners who are facing foreclosures contact their lender first, the first person they interact with is the customer service agent who may threaten them and tell them that they are going to foreclose on your home right away to scare them into not taking action. If they get to a loan mitigation person and they are talking to them, they may agree to a workout that they cannot afford just to get the phone calls to stop. However, if they agree to a workout they cannot afford and they miss a payment, homeowners have essentially lied to their loan agency and that’s not something good.
What people are finding is that lenders are willing to work with them. It will take a whole lot of persistence on the part of homeowners. They really need to make sure that they’re not intimidated by the conversation they need to have with their lender but they need to step up and say ‘I am not going to be able to make this. What can we do to suspend the payment or lessen the payment or modify the payment until I get back on my feet?
In case you just need a little bit of extra money to get caught up, there are some employers who have a five-thousand-dollar loan that they are able to give their employees with low interest. They can pay it back through their pay over time; that’s one. Two, there are grant programs through housing counselors like HUD; there are grant programs that are available to people who are going through foreclosure.
Due to the housing crisis, A lot of people are taking in boarders and renting out rooms. Some people are renting out their entire house and they are staying with family so that they can make the mortgage payment. These are all things that homeowners need to do—think a little bit outside of the box when it comes to a solution. Another thing is, with the gas prices being as high as they are and people having to commute back and forth to work, you may want to ask your employer if you can cut down to a telecommuting schedule and think about selling your car.
Looking for solutions to an emotionally and financially draining situation such as a foreclosure is fatiguing and frustrating. However, if you realize there are options then you can begin to build momentum to rectify your situation. Ultimately, it’s critical to consult with experts on this matter, to be open about your financial dilemma, and to seek help immediately. Real estate agents can either help you sell your home in a short sale, if necessary, or rent it out to help you pay your mortgage. Trying to do it alone can be a painfully disastrous experience — seek the help you need.
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