Minimizing the Effects of Your Foreclosure Procedure
Minimizing the Effects of Your Foreclosure Procedure
There will be many effects that your foreclosure procedure will have on your life. It will affect your credit, your emotional wellbeing, and your finances in a major way. So what can you do to minimize the effects in all of these areas?
If you are trying to prevent your foreclosure from going through, try to do it as quickly as possible to minimize the damage to your credit. The longer that you are delinquent, the worse it looks on your credit. If you know that losing your home is inevitable, try to workout a solution with your mortgage company to prevent a foreclosure from showing up on your record. A deed in lieu of foreclosure can do this. A short sale can as well although opinions are mixed on the damage that a short sale has on your credit.
When it comes to minimizing the emotional effect that your foreclosure procedure has on you, taking good care of yourself is your best bet. Take time to think about something other than your foreclosure. Take time to have fun. And remember that fun does not have to cost money. Spending some time with family and friends just hanging out can work wonders for your mental state. Finding at least one thing to laugh about every day can help too. Remember to keep your sense of humor.
Your finances are the most obvious thing affected by your foreclosure. Whether you are planning to keep your home or not, developing a sound budget based on your current income and expenses is important. Know exactly what is coming in and going out each month. Figure out where you can cut back. If you are planning to keep your home, be sure that you know that you can keep making the payments. You do not want to end up in this same situation in a few more months or a year from now.