Are you facing foreclosure and want to try to avoid it? Fortunately, there are a number of alternatives to foreclosure. Keep reading to find out what some of your options are:
Increase Income and Reduce Expenses
There are a number of ways to increase your cash flow. You could try asking your employer for a raise. Or take on another job or do freelance work. Think about renting your property as a vacation home or renting rooms in your home to paying roommates. Also, if you have spare valuables you can sell, such as an extra car or computer, then sell them for cash.
To reduce expenses, take a look at where you are spending money that could be avoided, and get rid of expenses that are not really essential. Such expenses could be riding to work alone. Instead, start sharing a ride, thus splitting the expenses of gas and parking. You could eliminate cable television and internet, and personal expenses such as vacationing, going out to eat, gym memberships, manicures/pedicures and entertainment expenses (movies/concerts, etc.) You want to show your lender you are serious about not going into foreclosure. If you can show that you have increased your income and reduced your expenses, your lender may work out a compromise.
Request a Loan Modification
Your lender may help you if you request a temporary loan modification or permanent loan modification. Just be prepared to be as persuasive and thorough as possible. The more specific, persuasive and thorough you are, the more of a chance your lender will help you. You’ll want to call your lender and speak to them about their loan modification programs and then you will want to complete an application.
One way to avoid foreclosure is to refinance your home, but this is only worth it if your mortgage balance is less than what your home is worth on the current market. If that’s the case, then refinancing your home may help you get a lower interest rate, thus making your monthly payments less. A mortgage broker can help you with the process of refinancing your home. It is worth contacting your current lender. They may be willing to help you get a new loan.
Contact an alternative or government lenders and see if they refinance mortgages if you have fallen behind on mortgage payments. Try contacting the Federal Housing Administration to request information about refinancing your loan.
Sell Your Home Fast
If none of the other solutions work, then sell your house fast. Put it on the market right away with a reputable real estate agent. Just remember, this isn’t a guaranteed way of selling your home quickly. However, there are real estate investment companies that can buy homes for cash and in any condition. Your best bet is to use one of those companies. The way it works is simple. They inspect your home and then make you an offer and they even take care of closing costs. The entire process can be completed within a very short period of time.
If you want to sell your house fast, visit http://sellmyhousefast.serenityrealtysolutions.com/. You can find information there that can help you start the process of selling your home.
It’s up to you which solution you want to try. Remember, selling your home fast is probably the easiest and quickest way to avoid going into foreclosure.