Avoid Foreclosure Without New Income Sources

If you are having financial difficulties and foreclosure seems like it might be imminent, it may be time to think hard about your options. Some people get so wrapped up in the stress of financial troubles that they forget to think about many options that are available to them.

Strategies for Avoiding Foreclosure

Unfortunately, foreclosures have become more and more common. While some help is available to help families and individuals who are in this awful situation, many people are unable to avoid foreclosure. Some ways to avoid foreclosure (even if you cannot increase your income) that you may want to think about include:

  • Rent your home to someone else and stay with a relative or friend or rent a cheap apartment for a while. It is understandable that you do not want to move out of your home, but if you can rent it and save yourself from foreclosure, it could be a short term solution.
  • Inquire about refinancing your home loan.
  • Take in a tenant while you remain in your home. Sometimes college students or other individuals need a room to rent for a period of time. Taking in a renter can help offset some of the cost of your mortgage and make staying in your home possible. Make sure you follow the law when deciding to become a landlord whether you remain in the home or not.

Getting Legal Advice

If you are facing financial problems and worried about foreclosure, getting advice about your situation from an experienced real estate attorney can save you time and money. An attorney will help you gain perspective needed to navigate your current rough patch. Because an attorney will have handled similar cases to yours, he may have thoughts about your case that you have not considered.

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Talk to a Real Estate attorney.

How It Works

  1. Briefly tell us about your case
  2. Provide your contact information
  3. Choose attorneys to contact you