Question To Ask To Avoid Foreclosure
If you want to avoid foreclosure on your property either through finding a short
sale buyer or considering bankruptcy vs foreclosure, you need to ask yourself many difficult questions and be ready to be ruthlessly honest with yourself in your responses.
To get foreclosure help, the following are some question that you need to ask yourself:
-Do I want to retain the house?
-Am I currently able to keep up with mortgage payments on my house?
-When was the first late mortgage payment?
-What was the reason behind that first late payment?
-What is my current monthly income?
-What are my current monthly expenditures?
-In what areas can I cut down on my expenditure?
-Do I know anyone who would be ready to help me make my mortgages -current?
-Have I consulted my lender about a possible solution?
-Am I daily trying to find a way out of my problem?
-What workout options can my lender offer me?
-Have I called local, national or state foreclosure sources to find out what my options are?
-Do I understand the foreclosure process in my state?
-Do I understand the timeframe required?
-Do I know the foreclosure sale date for my home?
-Have I consulted a foreclosure lawyer to find out what alternatives they can offer?
Your answers to these questions will provide a great starting place to help you avoid foreclosure. The main thing here is to understand whether you can really afford to stay on in the house.
If you are intent on getting foreclosure help, then it is likely that your money problems are not permanent. A job loss is not permanent; you can always find another job. If you know that your problems are momentary, you need to think of what to do to resolve these problems. They wont just go away; you need a plan. This could mean that you need to get whatever work is available, and even take an extra job so as to make ends meet. The most important thing here is to find a way of working together with your mortgage company. They might have a suitable workout package to offer which can help you avoid foreclosure.
If, after thinking through your financial situation, realize that you cant afford to pay for your home, you need to consider how you can avoid foreclosure by leaving the house. Where the value of the house exceeds what you owe, you can either sell the house or offer your lender a deed in lieu of foreclosure. If what you owe is more than the homes value, you could consider finding a short sale buyer. You might also want to consider bankruptcy vs foreclosure.
Regardless of your financial state, the ultimate solution to avoid foreclosure is to be more informed about foreclosure. This will require doing some research about foreclosure and taking note of the laws that regulate foreclosure in your state.
by: stephan_harris
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