Analyzing Your Foreclosure Options

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For your convenience, a few of those practical and easy to implement steps are outlined below.

1 - Eliminate Unnecessary Purchases

If you have yet to receive a foreclosure notice or warning from your financial lender, now is the time to start saving money. Eliminating unnecessary purchases is the best way to do so. In addition to eliminating extras, such as a cup of coffee on the way to work each morning, look at your utilities. Can you lower the package for your telephone, internet, or television?

Save this money. Do not give in to the temptation to spend it, or pay off credit card debt.

2 - Get a Second, Part-Time Job

If you are already on a limited spending budget, eliminating unnecessary purchases can only go so far. For many homeowners, a second job may be necessary. Yes, it may be hard being an office manager by day and a grocery store clerk by night, but you must do what you can to save your home. The good news is that this job does not have to be permanent, but just until you get on your feet.

3 - Sell Your Assets

If you are unable to have a second job, such as if you are a single parent, you should start examining the valuable assets in your home. Do you have an extra vehicle that just sits in your driveway? Do you have jewelry you can sell? If you are in serious need of money, consider hosting a yard sale. A proven business opportunity that is low cost start up is something to consider, but do not spend your money on start-up costs unless it is totally, absolutely proven to work.

4 - Seek Out A Proven Program To Help Stop Your Foreclosure

Be sure this program is offered by industry professionals with experience. There are many new e-books and services offered by newcomers that have no actual foreclosure resolution experience. Don't trust your home to someone with no experience. Also, do not pay a high priced service or attorney, they are not needed. You can resolve your own foreclosure with just a few phone calls once you know how to plan ahead.

5 - Consider a Pre-Foreclosure Sale

If you have determined you absolutely cannot afford your home you might consider selling your home before facing a foreclosure. This will help your credit rating and prevent any deficiency judgments from the lender down the road. Your lender may be willing to do a short sale if your equity is less than what is needed to clear your loan. Before deciding to sell your home you will want to take a hard look at what rent will cost you when you move and what kind of neighborhood you can find a rental in. You may decide it is better to struggle in your existing home.

6- Cash For Keys

If you decide that keeping your home is an impossibility, and not worth the effort to try to keep it, you may want to talk to your lender about a cash for keys program. Your self help stop foreclosure program should be able to help you with this. Basically, it is a program where the lender will pay the delinquent homeowner a few thousand dollars to avoid the cost of a foreclosure. Not all lenders can do this, but it is worth checking into.

Whatever option you decide is best for you, it is necessary that you act immediately. The foreclosure process waits for no one. If you do not decide, the foreclosure process will force your decision and it may not be pleasant, or the best choice in the long run.

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