Tips for Dealing With Foreclosure and Moving Forward
In 2008, there were more than 3.1 million foreclosure filings issued in the United States. We all remember the year. For the real estate industry, it was a nightmare, for bankers and investors, it was a bad dream, for the government, a political mess, for millions of families and hard-working people, it was a head-on collision with a harsh reality. When it comes down to it, 2008 was a traumatic year for many homebuyers who found themselves in a situation with no way out. Still today people tremble at the sound of the word ‘foreclosure’ and they shudder when they think about its meaning. Facing foreclosure produces very real consequences for you and your family. These are not just economic realities, but emotional ones. We thought we’d take a minute and take a look how you can protect yourself and your family from the stress of facing foreclosure.
So you’ve been dealt a foreclosure notice. Now what? Well, the worst thing you can do is to do nothing. So the best course of action is to take a deep breath and deal with what’s in front of you.
It’s Not Personal
Foreclosure is a very personal event for the person in the midst of it. If you are at risk of losing your home, this feels like a very personal situation and it is, but the truth is nobody else really cares about how personal this is for you and the best thing to do is detach emotionally so you can best deal with the situation at hand. There might be a handful of reasons as to why this is happening to you and it doesn’t mean it’s your fault. Don’t worry. You have options.
Consider talking to a Professional
There are attorneys out there that specialize in foreclosure cases. They can be a good resource to go to in order to learn more about your options and your rights. There are several courses of action out there. You can potentially stall the process enough to catch up, or work something out with your lender, or sell and move on.
Understand the Steps of Foreclosure
While most people have an idea of what it means to be foreclosed, not everybody might know the precise steps and process. Understanding a little bit more about it can help you think more clearly about what you can do. There are no sketchy fellas dressed in black that are going to come in the middle of the night to take your home. It takes time and there are things you can do to stall the process or deal with it quickly.
Think Long Term
Perhaps the current situation started because somebody in the family lost their job. Maybe it’s temporary. Maybe the breadwinner of the family passed away. Every situation is different and it’s important that you stay calm and think about the long-term ramifications of your decisions.
Consider Starting Over
Many of those millions of people that faced foreclosure in 2008 emerged victorious in the end. In other words, foreclosure is not a death sentence. You will make it through this and one way to approach foreclosure is to accept the situation, do the best you can to pay what you owe, and start again.
One option is to sell your house as quickly as possible, use the money to pay your lender and move forward. This might seem like a scary prospect to begin with, but in truth, it can be a way to take a huge weight of your shoulders. If you want to learn more about this option, give us a call. Here at Money4Casa, we give cash for homes and we can buy your house so you don’t have to worry about it.