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Avoiding Foreclosure on Your Home

Car payments, purchasing groceries, daycare costs, mortgage payments—it’s no surprise that money is one of the top stress factors in America in 2023. Don’t let the possibility of foreclosure make matters worse. If you are unable to pay your mortgage, don’t ignore it; contact your lender and, most importantly, prioritize your spending. Follow along as True Neighbor talks about avoiding foreclosure.  

Don’t Ignore the Issue at Hand

Not only can ignoring foreclosure have serious consequences for homeowners, it can also prolong stress and anxiety. When you ignore foreclosure, it can lead to the loss of your property, destroy your credit, and leave you in debt. The lender can proceed with selling your home, which can get you evicted. If you keep ignoring the problem, it will only be harder to fix the issue in the end.

Contact Your Lender

Communication is key. Contacting your lender should be one of your top priorities when you get handed a foreclosure lawsuit. Your lenders want you to keep your house and are there to help you explore potential solutions and find one that works for you and your situation. After you have reached out to them and understand your options, make sure you keep in touch regularly.

Prioritize Your Spending

Saving money and prioritizing a budget play vital roles in the health of your finances. You don’t want to be short on money or lose your home because your spending is out of control. Here are a few ways that you can prioritize what you are spending your hard-earned cash on:

  1. Figure out how much your net income is.
  2. Write down and add up your total monthly expenses (i.e., mortgage, food, car, gas, cost of living, and utilities).
  3. Put away monthly savings.
  4. Calculate what you have left to spend.
  5. Find professional advice if you are struggling.

Sell Your House to True Neighbor

Foreclosure is no joke. Don’t let money problems get the best of you. If it is difficult for you to make your house payments, you should address the situation, contact your lender, and prioritize your spending. Make sure you investigate all your options and ask for help.

Another option for avoiding foreclosure is selling your home to True Neighbor before the process begins. We will help you sell your home in a fast, hassle-free manner. Understanding how stressful and overwhelming foreclosure can be, we strive to make the process as easy as possible.

Contact True Neighbor for your all your home-selling needs.