The economy has been slowly getting better but foreclosures are occurring for every 1 in 1,387 people. So if you are having problems paying your mortgage, you are not alone. The following are just a few things that you can do to try to halt the foreclosure process.
1. Work Out a Plan
It's important that you keep in contact with your mortgage company to let them know that you are actively involved in paying your defaulted loan. When you receive your notice, call your mortgage company and let them know that you would like to work something out.
You may qualify for a loan modification, which is given to people who are going through financial hardships. The modification will give you a lower interest rate, meaning that you won't have to pay as much for a predetermined amount of time.
Be sure to talk to an attorney if you are having problems reaching a deal because an attorney might find loopholes to get you what you need.
2. Bring In Some Extra Cash
There isn't much you can do without money, so making sure that you are making extra cash to try to catch up with your payments is imperative. The following are just a few suggestions that may help you catch up a little quicker:
Hidden Cash Option
One thing that you can consider is getting cash from some of your insurance plans like a disability insurance or unemployment insurance. You can also withdraw from your retirement fund, though that might incur a fee or penalty.
You should also consider selling some of your big items like a vehicle if you have more than one.
Another thing that you can consider is finding a way to make supplementary income to help you get up to date with your payments. You can try some of the following:
- Use your vehicle to give rides using a peer-to-peer ride-sharing application you can download for free on your phone.
- Look into home-sharing web sites that let you rent a room or basement to people who are passing by.
You can make a few hundred dollars or more a week with some of the aforementioned suggestions.
You can talk to your attorney like Jeffrey S Arnold Attorney At Law P.C. about other things that you can do to prevent this foreclosure from taking place, as he or she is an expert in these problems and can help you out.