Skip to main content

3 Monetary Steps to Take if You're Facing Foreclosure

Facing foreclosure can be an extremely scary time in your life. But sometimes your financial situation changes and you may not know which steps to take to make your monthly payments. This is especially true for the 32% of people who are looking to buy their first home. Fortunately, there are a few things you can try to save some extra money and make your payments on time. So if you're struggling financially and are worried about facing foreclosure, consider the following tips.

Cut Unnecessary Expenses

One of the very first things you should do when facing the possibility of foreclosure is taking a closer look at how much money you're bringing in and how much you're spending. If possible, figure out a way to increase your income -- taking side jobs can go a long way. With 46% of two parent households having both parents work, it may be difficult to find the time to add a second job. And it's important to scrutinize your budget and see where you can cut spending. Cutting back on things like cable, clothing, and Internet may not be ideal, but it's better than losing your home. You may also need to keep a closer eye on utilities usage. With a family of four using over 400 gallons of water a day, there are probably a lot of opportunities to cut down on waste. Taking these steps can also show your lender that you really are trying to make a change and save money.

Consider Refinancing

The next logical step is to consider refinancing your home. Refinancing your mortgage can possibly give you more reasonable monthly payments that you can make over a longer period of time. This has a lesser impact on your credit and can help you keep your home. It's important to talk to your lender sooner rather than later about refinancing because there may be certain programs you're eligible for that can help refinance quickly and appropriately. Avoiding the situation is only going to make it worse, so take action quickly.

Ask for Help

When you're struggling financially, it can be really challenging to swallow your pride and ask for help. But when you're facing foreclosure, you may not have any other options. You may want to consider asking a family member to borrow money or help refinance your mortgage. If that's not an option, there are other organizations and agencies that can help you keep your home. These agencies work out arrangements with your lender and can do their best to decrease your payments until you can get your financial situation in order.

According to a Harris Interactive poll, 38% of people agree they would be scared if they were facing foreclosure. And foreclosure is not as uncommon as you may think. So hopefully, taking these steps can help with your financial situation.


Popular posts from this blog

Copycat Boston Pizza's Bandera Bread

Have you ever had a craving for something but then once you looked at it you realized, I can make that myself for next to nothing? That's how I felt last night I thought about ordering in some food but then realized I really don't want to spend any money. I really wanted pizza bread from Boston Pizza. So I recreated it and oh my goodness was it ever good. Try some of these great recipes too!  Pizza Bread Dough 1 cup warm water 1 tsp instant yeast 1 tsp sugar 2 cups flour  Seasoning 1 tbsp melted butter 1 tsp garlic powder 1 tsp onion salt 1 tsp parsley 1 tsp rosemary 1 tsp basil 1 tsp oregano 1/2 tsp sugar 1. Combine the water, yeast, and 1 tsp of sugar in the mixing bowl and let stand for 5 minutes. Add the flour and salt and mix until a ball of dough forms. Roll ball onto a floured counter top and knead for a couple minutes.  2. Put dough in an oiled bowl and let rise for 30 mins in a warm place with a clean cloth draped over top. While your doug

Affordable Ways To Make Your Home Look Luxurious

How do they do it? Professional designers seem to pull it off so effortlessly, but how will you make your home look more luxurious? You could just employ a professional or you can personally undertake the task of transforming your home into a place of luxury on a budget. In order to save money on your purchases, be creative and vigilant in your pursuit for the perfect style. Follow our budget-friendly ways for making your home a vision of luxury. Think it through, choose a style Luxury look isn’t enough to go on, so before you start shopping and wasting your money on furniture and decorations you might not even use in the end, first do some research. Go online and do some window shopping and find which style is more to your liking . An elegant Victorian style or something more modern and chic? Don’t get me wrong, you may want to mix and match, but before you commit by buying anything, consider what look you are going for. White is the color of elegance Choosing white as yo

DIY Table Revamp - Guest Post

Hi all! I'm Tiffany from This Motherhood is Brought to You by Xanax and I am so excited to be a part of the Guest Post Swap and to be Amanda's swap partner! I love love love her idea on how to make indoor snowballs with egg cartons. I am definitely going to have to try that with my kiddos since my smallest one has decided that it has to snow for Christmas. Poor baby doesn't know snow is hard to come by in Alabama :( For my guest post I wanted to share a little DIY with you guys that involves duct tape! A few months ago my daughter's little chair that goes with her table she sits at every day tore and she made it worse by pulling all of the stuffing out of the seat! What started out as a quick fix turned into a great idea. She loved her seat so much that she has now decided that her table has look cool too so being the smarty pants that she is, she tore her table!