If your house is in foreclosure or on the verge of foreclosure, you are probably feeling incredibly overwhelmed and stressed. Maybe all you want to do is pretend it’s not happening. But, you’ll help yourself out (short-term and long-term) if you spring into action.
1) Remember, It’s Not Your Fault
You might not feel this way right now and maybe there were some things past you could have done to stop the foreclosure from occurring, but there’s nothing you can do about that now. You need to focus on how to move forward and cope. Blaming games only create conflict and strife, which is the last thing you need while facing a foreclosure.
2) Communicate Your Feelings
If you’re bad at communication, now is the time to practice. Communicate with your partner about everything that is happening. Acknowledge that having your home in foreclosure sucks and then remember that it won’t suck forever. Remember, you need to focus on moving forward. Be honest with each other about your finances and try to figure out the best game plan. Have hopes — maybe your home won’t get foreclosed — but have realistic expectations.
You may be nervous about telling your family how rough everything is. Being embarrassed is okay and normal, but you have a support system around you. Use it. These people could help you. But they can only help you if you let them.
Lastly, talk to your lender. Maybe you’re mad at them and mad about everything, but they’re your biggest chance to save your home. Talk through all of the options with them and regularly call to check up on them.
3) Do Your Research
Educate yourself on your options. Look into the government’s Making Home Affordable program to see if you can modify your mortgage or refinance. If that doesn’t work out, look into the Home Affordable Modification Program (HAMP) or the Home Affordable Foreclosure Alternatives (HAFA). Everything your lender says? Listen carefully and then look into that too. Your lender may have some programs focused on saving homes that would otherwise be foreclosed. If so, look into them. Find out if it’s a realistic opportunity to pursue.
4) Create a Back-Up Plan
Although it’s a really hard reality to face, there’s a chance that you actually will lose your home. If you don’t have a back-up plan, the entire concept can feel much more overwhelming than it already does. Think of losing your home as a chance to start over. You have the opportunity to do so many things, if you take advantage of what you can. Look up ways to live rent-free. Look up how much it would cost to buy an RV and travel across the country. Now is the chance to take advantage of whatever opportunities you possibly can.
5) Consider Selling Your Home Before You End Up in Foreclosure
It’s not an easy decision to come to, but sometimes, you simply need to face the reality and sell your home before you end up in Foreclosure. Find a real estate agent who will work for a flat fee or a discounted commission. This will allow you to keep as much of your home equity as possible. If you need help, we’re here.
Trelora real estate serves the Colorado Front Range, Summit County and Seattle Metro Area and our mission is simple: full service real estate for a fraction of the cost. When you hire a traditional agent to help you buy or sell your home, you pay that agent 3-6% of the home’s value.
When you hire Trelora, you pay just 1% to sell your home. You’ll also get best-in-class customer service, and a team of expert agents who close hundreds of deals per year. And keep in mind, especially if you’re moving or you have friends in other states, that Trelora can help you in Atlanta, Charleston, Charlotte, Denver, Los Angeles, Phoenix, Raleigh, Sacramento, Seattle and Tucson. In the meantime, please stay healthy and safe.
Brady Miller, CFA is Chief Executive Officer at Trelora, Inc. Brady joined Trelora in August, 2018 as Chief Financial Officer. He moved into his current role later that year and is responsible for all daily operations and growth of the broader real estate business. Prior to joining Trelora, Brady was Chief Financial Officer of Leeds West Groups which is one of the largest, and fastest growing automotive retailers in America. Brady managed their real estate portfolio, financing, human resources, and accounting. He earned a Charted from the CFA Institute in 2016 and holds a bachelor’s degree from the University of Colorado, Boulder where he majored in Finance and Real Estate.