Top 5 Ways I Discovered to Save My Home from Foreclosure

Owning a house has always been considered the better and efficient choice for most Americans than just renting a room, apartment or condominium. This is because of the long term benefits that being a home owner provides are financially convenient; for example, once you’ve completed payments on the loan for your house, then you’ll be free from the burden of monthly mortgage payments! You can also sell your house later for a much higher price as real estate properties grow in value over time. However, when the financial crisis hit us back in 2008 thousands of homes have been foreclosed. By now you’re probably thinking, “How can I save my home from Foreclosure?”

Perhaps these 5 tips might help you with that:

1. Prioritize Mortgage Payments – Okay, so let’s say you’re the average American man or woman who is making roughly $4,000 – $6,000 a month. You applied for a mortgage loan to get a beautiful house and a spacious property that’s worth $500,000 and the monthly payments on the mortgage is around $1,500. Your monthly income should be more than enough to cover for it, but if you fail to prioritize the payments, then you can be certain that your lender will foreclose your home if you missed 3 payments or more. You do not want to be left with nothing and crying ‘save my home from Foreclosure’ now, would you?

2. Adjust your Standard of Living – In order to bolster your priority to pay your monthly dues on the mortgage on time, you have to make financial adjustments. Specifically on your expenditures because your goal should be to maximize the flow of your income and limit the flow of your spending. If you’re spending more than what you’re earning, then you can be sure that you will experience problems later on. I just want you to know that I have been through such tough time too and I want to share with you how I was able to save my home from Foreclosure.

3. Check to See if your Lender can Agree to Forbearance – Forbearance means that your lender agrees to temporarily reduce or suspend your mortgage payments for a short period of time. However, do know that the only way for your lender to agree to your request for forbearance is if you can prove that your financial problems are temporary and that you can get back on your feet in a matter of months. You will get a chance to save your home just like I was able to save my home from Foreclosure 5 years ago and trust me, there’s no better feeling than to finally settled all your mortgage payments and own the home permanently!

4. Manage your Finances – It’s understandable that you have other payments to catch on besides your mortgage – even I had like 6 – 10 things to pay for back in the day – but it’s no excuse to skip on the things that matters most. The average person pays for car insurance premiums, health insurance, auto loans and other kinds of loans and life is not easy. Therefore you need to educate yourself on how to manage your finances. And know this: you won’t be able to prioritize your mortgage payments or adjust your standard of living is you don’t learn how to manage your finances first. I have had to go through a certain period of adjustment before it became natural to me. It’s very difficult to resist spending money sometimes and if I didn’t check myself constantly, I might not have been able to save my home from Foreclosure.

5. Consider Mortgage Refinancing – The good news is that your lender offers a variety of mortgage payment types and if you’re going through a tough time, then you can ask for your lender to refinance your mortgage. That way you can make smaller monthly payments and be able to cope, although it might take a much longer time for you to complete your mortgage on your house than normal, but it will help you nevertheless.

I hope that my blog post helped you in surviving the financial storms that you’re in at the moment. If you need more hands-on help, please consider filling out the form or calling us at 512-271-5044. Our services are free.

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