Looking to stop your foreclosure on your own? Taking these steps may postpone the default notice. Make a long term goal and make sure it’s obtainable.
1. Liquidate- do you have anything of value? Boat, motorcycle, jewelry, bonds etc...
Many items lying around are cash. Decided on what is of most value to you. Your home maybe the most valued item. If so, then look for things that are of value by either the bank or maybe selling these items. Put an ad on either E-bay, Craigslist, radio station, newspaper or yard sale. Amazingly, how much stuff is really worth getting rid of to postpone your foreclosure?
2. Equity- do you have equity?
Over the years of paying on your loan there's equity in it. (check with your lender/mortgage statement) To see if the equity can be used to pay on your mortgage. Asking the lender for the department of foreclosure prevention department will advise you of other options. Check with more than one source to get a second option and the whole story.
3. Credit- do you have credit?
Having use of credit cards is great when you can actually use them for the good. If you have a short term fix credit payment that can by you some time. And flipping from credit card to credit card will buy you more time. Look for a long term way of getting your mortgage payments back on track. Plan on getting a plan to pay back loans; for $299 you can do it yourself at cashnow2008.com/b/ or call a financial advisor.
4. Broker- asks for options.
Getting a loan from a broker and you signing a promissory note to pay back on the loan. There maybe various payments plans in which you would consider: one lump sum, increments, Ask about the types of collateral would be accepted.
5. Consolidate- one payment to get out of debt
Consolidation is other option for getting your bills lower so that you can have enough to pay for your mortgage. This may fix the problem for the short term but, you have to plan for the long term. There are many organizations to choose from one is Bankrate.com their (free).
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