10 Ways to Stop Foreclosure on Your Property
Ways to Stop Foreclosure on Your Property
Sell the House
Ask different real-estate agents for quotes and sell your house for the best price. Downgrade and move to the outer suburbs or the bush. Life is more peaceful and property is cheaper the further away you are from the city.
Rent Out Your Home
Renting out your house to strangers is the best way to increase revenue to keep up with mortgage payments. Go live with a family member or friend for a while and enjoy their company. The closer you are to a tourist attraction or the CBD the more you can rent your house for. The best and easiest way to rent out a house is to use applications like Airbnb or HomeAway.
Sell Your Car
Sell your car to pay off your mortgage debt to stop foreclosure and use public transport instead. The money that you would have spent on the increasing petrol prices renewing can be used instead to help pay your mortgage. You will also save money as you don’t have to pay the car registration fees, licence fees, maintenance fees and insurance.
Ask Your Union Representative for Help
Remember that if your part of a trade union they may be able to provide you with lawyers or even extra cash to help stop your house from foreclosure. Unions are there to aid their workers in any way they can.
Ask Your Lawyer to Stop the Process
Lawyers cannot only help you extend the time you have before your house foreclosures, sometimes they can also help you to stop the process all together. They can come up with useful ways to get around the legalities of foreclosures.
Ask Your Boss for A Raise
Tell your boss the truth and ask for a raise, there is nothing to be ashamed off. If you worked hard, presented yourself nicely and your honest about the situation you’re in, he may just give you that raise.
De-clutter the house and have a garage sale. This is a good way to pay off some mortgage debt and to have a clean and spacious house for when the Queen comes to visit.
Apply For another Job
Two jobs are better than one. Apply for another job to increase your income and pay off your mortgage debt. With another job you may be able to get an extra loan from the bank to stop your house from immediate foreclosure. Missing your favourite TV Show and working instead is not so bad.
Grow a Vegetable Garden
Do you have a backyard? If yes, grow a vegetable garden. Instead of spending all that money on groceries use it to pay off your mortgage debt to stop foreclosure. Eating organic vegetables is not only good for saving money but it is also for keeping healthy and having a small waste line.
Renegotiate the Terms With Your Lender
Be honest with your lender about the situation and ask them if you can renegotiate the mortgage contract. More often than not they are willing to renegotiate if you have a good story to tell.