Foreclosing on Hope
What Every Person Facing Foreclosure Needs to Know. 5 Effective Tips to Handle Foreclosure. Staying Hopeful In a Bad Situation. This article can help anyone facing any money issues. The article uses a foreclosure situation to draw out important tips.Related Item:
By Karl Majors
The foreclosure crisis has people taking drastic measures in attempts to fix their financial situation. On July 22 Carlene Balderrama of Taunton, Massachusetts, about 45 minutes south of Boston, killed herself before the bank was to auction her family home in foreclosure. According to the Taunton Police Chief Raymond O'Berg, Balderrama faxed a letter to her mortgage company just hours before the company was to sell. "By the time you foreclose on my house, I'll be dead." Police found her body at the home at around 3:30 p.m. Balderrama shot herself and asked her family to use the life insurance money to pay off the debt.
The finality of her story is uncommon, but the sense of hopelessness that drives someone to take their life is sadly becoming more common. At its core, blindness to the available options leads to the type of hopelessness experienced by Balderrama. A better understanding of the options through education helps take the blinders off. There are five keys someone facing foreclosure needs to know.
1. The bank does not want your house. Banks are in the business of lending money not buying and selling houses. This means that in many cases your lender is willing to work with you to avoid foreclosure.2. You need to be proactive. Open the mail you get from your lender. Establish an open line of communication alerting them to your situation. Doing so shows responsibility and lets them know you are actively working to see they get paid on the loan.3. A spending plan is a must. When used correctly a spending plan or budget can save the average home owner approximately $200/month according to a CNBC report. A spending plan helps to prioritize where every penny is going.4. Avoid scams and high fees. Never sign anything from someone claiming to stop your foreclosure immediately. You may be signing over your house itself. There are legitimate companies out there that help. However, in most cases you will pay big fees for work you can do yourself and use that money to pay the debt.5. Consider selling the property on the open market or in what is called a short sale. In a short sell, the bank agrees to take less for the house than what is owed on the loan. Check with you lender for details and possible tax obligations. Either way, this may be a way out of what seems like a hopeless situation.
Understand bad things sometimes happen to good people. There is hope. There is help. There is an ancient saying that says, "If you are unwilling to confess your disease, you should not expect to be healed." Communication is the key.
Karl Majors, President
Advance The Ball, Inc.
http://www.karlmajors.com
Karl Majors, "The Financial Motivator" gives people their lives back by helping them breakthrough empathy and motivating them to effectively master their money. http://www.karlmajors.com
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