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Pete Brown > Intel > How to avoid foreclosure

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How to avoid foreclosure

In today's day and age, foreclosure is a very real situation facing literally millions of people. If you find yourself strapped for cash and looking at the possibilities of foreclosure, here are some tips to avoid it:

CALL YOUR MORTGAGE BROKER
If you find yourself looking at foreclosure on your mortgage, contact your broker asap. Contrary to popular opinion, they are there to help you in this case. Get in touch with them as soon as you can. This does two things- first it gives them a forewarning about what might happen with your mortgage and second it lets you two brainstorm ideas of how to avoid it.

Get rid of excessive monthly bills!
If you've got a new car payment of $400 a month, try selling your car and buying a used car. Think about it: you'd actually be SAVING $400 a month just by making this move. If you've got more than one car, you could save even more.

Decrease your spending
Cut back on expenses that are frivolous. In other words, see where you're maybe living too extravagantly and decide if cutting back is possible.

Refinance
Although this option is the easiest, it certainly is a viable option to check out. If it's possible for you to refinance, then do it to avoid foreclosure! Just don't bury yourself into such a position that you won't ever be able to pay off your house!

Pick up an extra job
Try to earn some extra money by picking up odd jobs here and there to add to your income.

For some added information, I have attached the following links to other INTEL I've created on saving money:

how to set financial goals

how to get out of debt

how to save money in everyday living

how to make a few extra dollars in your spare time

Hopefully, by using these techniques, you will be well on your way to living debt free and not have to go into foreclosure with your mortgage!

Contributed by Pete Brown on March 14, 2008, at 2:51 PM UTC.

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This intel was contributed by Pete Brown


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