A few days ago, I got you started with some tips that, if acted upon now, can go a long way toward helping you and your family avoid the pain and economic damage of a foreclosure on your Pacific Northwest home. We dealt first with what you can do to stay on top of communication with your Pacific NW lender. Now, some things you can do internally to help with finances during this difficult time:
Prioritize Your Spending Habits
With your number priority focused on your health care, maintaining ownership of your Pacific NW home should be your next priority. I strongly recommend you review your finances and see where you can eliminate spending in order to allow you to make your mortgage payment. Identify optional expenses like cable TV, gym memberships, entertainment that you can eliminate. Other options include the delay of payments to your credit cards and other “unsecured” debt at least until you have paid your mortgage.
Leverage Your Assets!
Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
Consumer Alert! Avoid Foreclosure Prevention Companies & Organizations!
You shouldn’t pay any fee for foreclosure prevention help! Always apply that money to your mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender on your behalf. While these entities may be legitimate businesses, they will collect a hefty fee from you (often two or three month’s mortgage payment). Know this, a HUD approved housing counselor will provide these services and assistance for FREE, so contact them instead.
Be Aware — Loss Mitigation Scams are in the Pacific NW!
Yes, unscrupulous individuals are on the prowl looking for innocent people to victimize! Please don’t lose your Pacific NW home to a foreclosure recovery scam! If any firm claims they can stop foreclosure on your Pacific NW home immediately, don’t sign anything appointing them to act on your behalf. Unfortunately, many unsuspecting Pacific NW homeowners have signed over the title to their property and making them a renter in their own home! Never sign any legal document without first reading and understanding all the terms and conditions. Securing professional advice first from an attorney, a trusted Pacific NW real estate professional like myself, or a HUD approved housing counselor is a must!
Contact me, Susan Stecher to schedule a discreet conversation how you can possibly avoid foreclosure today! And don’t forget, we’ve compiled a Foreclosure Resource section just for you filled with helpful information on what foreclosure is, and what your options are.