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What steps can you take to help you keep your home?

No one wants to face serious financial problems, much less the very real possibility of losing a home. However, such crises are not uncommon among Florida homeowners, as you may already be aware, especially as a new year unfolds.

Has your mortgage lender threatened to take over ownership of your house? Before you panic, it may help to research bankruptcy laws and consider creative ideas to help you get your finances back on track and avoid foreclosure.

There are a number of options available that many homeowners do not realize exist. By talking to others who have successfully overcome similar financial problems in the past, it may surprise you to learn your current situation is not as dire as you first thought.

Tips for avoiding foreclosure

You are likely not the only one who hopes to avoid foreclosure. Most lenders want to do anything possible to steer clear of the process as well. This means they may be willing to work with those that have fallen behind on payments.

Perhaps you can apply some of the following ideas to your situation to help you keep your house:

  • It never hurts to ask: Knowing that most lenders want to avoid foreclosure, why not contact yours and ask if there may be alternate payment plans available? Never assume that because your lender has threatened foreclosure that it’s a done deal. You may learn your lender is willing to accept lower payments over a temporary period of time until you can get your finances back on track.
  • Sell something, just not your home: It’s surprising how many people own assets that they can sell to obtain urgently needed funds to meet their mortgage payments. Do you have a car that sits untouched in your garage? What about the coin collection you had as a child that sits under a pile of boxes in your attic? Even your condo timeshare might be worth selling if it means you can keep your house.
  • Stop spending: Do you really need to eat out once a week? Must you purchase season tickets to your favorite NFL team’s games every year? If you stay home more often, could you save on gas money? There are often little ways to spend less money that quickly add up to big savings, which you can then apply to your mortgage payments. 

Bankruptcy can stop the foreclosure process

Do you know that filing for bankruptcy halts the foreclosure process as well? Also, if you file, creditors must stop hounding you for payments. There are various types of bankruptcy, however, and it’s crucial to determine which is the most viable option to suit your financial needs and goals before taking action.

Take steps to avoiding foreclosure, and get financial relief. You can overcome you financial crisis and restore financial stability in your life.

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