List Headline Image
Updated by Fusion 360 on Feb 23, 2016
 REPORT
7 items   2 followers   0 votes   55 views

8 Ways to Avoid Foreclosure

Owing more on a house than what its worth, or being “underwater”, is a precarious situation to be in. Borrowers can refinance, tighten their budget or sell the home at a loss. Should those options fall through, homeowners can face foreclosure.
Foreclosing on a home damages borrowers’ credit, negates all the equity invested and makes getting a future loan from mortgage companies much more difficult.

Sell Unnecessary Toys

While boats, ATVs and the like are fun, losing a house takes precedence over recreational activities. If one is having a hard time making house payments, it doesn't make much sense to make payments on expensive toys.

Keep Up on Payments

It’s imperative for homeowners to keep up on mortgage payments. Keeping regular with payments before getting in too deep encourages mortgage companies to work with borrowers during their financial hardships.

Don’t Ignore Lenders

On a similar note, it’s important to not avoid lenders calls or letters. They, too, want to avoid dealing with a foreclosure, so keeping an open line of communication is essential.

Tighten the Belt

Once someone gets used to a certain standard of living, it’s hard going backward. As unpleasant as it may be, if the mortgage bills start stacking up, homeowners need to cut expenses where they can. This means avoiding eating out or taking the family to Disneyland that year.

Liquidation

Going through and selling various assets is another way homeowners can avoid foreclosure. One can sell the second car, real estate property or even hold a small garage sale.

Seek Financial Counseling

Government agencies like the Housing and Urban Development can offer financial counseling to homeowners experiencing dire straits.

7

Writer

Writer

Mitchell Reber is a mortgage writer. Information provided by Castle and Cooke Mortgage (#1251). He writes for Fusion 360, an advertising agency in Utah. Find him on Google+

  • Listly By

    Modern marketing is pure chaos. Consumers are revolting against stagnate companies and abandoning traditional media in droves. Only those who adapt will succeed. The revolution is in full-swing.
    Consumers are dictating how they want to do business and it’s not the way you’ve probably done business before. It might not even be the way you want to do business in the future. But, digging in your heels and refusing to adapt and change will make your brand irrelevant to the new digital consumer. You may survive, but only for a while.
    Today’s businesses and organizations are at a tipping point. Will you adapt to change and succeed?
    We’re here to help. We are Fusion 360. We are the Agency for the Digital Revolution.

  • Tagged With

  • Tools