The consequences of foreclosure have long-reaching effects that carry over into your personal and financial life for many years. After a foreclosure you’ll probably still be able to qualify for some credit but with a foreclosure on your report, you will pay the hefty interest due to the risk you now pose as a borrower. As life becomes more expensive, this red mark on your credit could necessarily force your standard of living in a downward direction. In the red-hot housing market we’re in right now it’s already tough to get your offer approved for a new house, and if you have to fight and scratch to get approved for a new mortgage just so you can shop for a new house – you may be sitting on the sidelines for a very long time. Additionally, a foreclosure on your credit history has the potential to jeopardize future employment opportunities.
A lot of people take the approach that ignoring the foreclosure notices from the bank will somehow magically make it go away. It’s not going anywhere. The bank wants their money, and they’re going to get it in one way or another. The stress of the process also takes an emotional toll, as you proceed through the foreclosure process and await your auction. Sadly, even after the auction a foreclosure could still leave you owing the debt remaining on the property as well.
If you have already received a foreclosure notice, it’s not the time to shut down from feeling overwhelmed, and give up. Instead, you need to take this notice as a last chance to turn things around and get help – THERE IS STILL TIME. Whatever you do, if it has progressed to this stage, don’t sit back and bury your head in the sand. You need to take action to resolve the foreclosure, and do it immediately to make sure you have time to get it stopped before it goes to auction.
Forewarned is forearmed. Want to stop the lender from foreclosing on your home and avoid facing all of the negative backlashes? Understanding foreclosure and what you can do to stop it in Indianapolis can help you avoid the current and future punishment of having your mortgage foreclosed.
Discomfort
Suffering comes in all forms, and having a roommate isn’t likely to be the optimal scenario you may have envisioned when you first bought your house. However, you probably also didn’t envision having trouble paying your mortgage every month, either. Do you have the ability to make a bedroom and a full bathroom a private space for a roommate or live-in renter? How about the entire basement? Possibly you could sacrifice your master suite? None of these are ideal, however you could definitely consider renting some space in your home in order to help make the mortgage payment if that’s what it took to be able to stay in your house. You’ll need to consider a couple of things in addition to your own ability to cope with this situation too, such as verifying that your HOA or other association allow room rentals, as well as any federal, state, and local Indianapolis tenant laws. You should also check your insurance policy to ensure that the rental of rooms is allowed and won’t raise your rates dramatically. Taking quick action by getting a roommate to help with bills is another way to stop foreclosure in Indianapolis.
Inventory
Desperate times call for desperate measures. Take inventory of what you’ve got around the house. You may be surprised at the value of some of the things you have sitting around. It may hurt to sell some of your treasures, yet if you face foreclosure in Indianapolis, a quick fix to stop it may be to liquify some of your other assets. It’s better to act swiftly and give yourself time to find the right buyer because no matter what the value of an item is on paper, it is only worth what someone is willing to pay to you right now. We’re no garage sale masters, but there are a few things to learn from Gary Vee about how he garage sales. Check out his webpage – I’m telling you, you may have stuff sitting around the house that you think is worthless which someone else may pay good money for. So get in the top of your closet and the attic and look for collectibles! You may even want to review your baseball card collection from childhood. But before cashing in, do your homework so you are sure to receive the best price for your belongings. Still, taking this route to pay off your mortgage and save your home may be more than you’re willing to do or endure, so many homeowners first attempt to withdraw funds from less sentimental assets, such as savings accounts, 401k’s, or other property. If that’s a possibility for you – then do it!
Solution
Want to end your foreclosure worries today? You can stop a foreclosure in Indianapolis in its tracks by working with 317 Home Buyers. You can easily sell your home to 317 Home Buyers who can solve all your foreclosure problems. 317 Home Buyers buys houses as they are, so you don’t need to worry about making repairs or even cleaning up for showings. You can simply pack up whatever you want to keep and walk away, leaving the rest to us. When you meet with me (I’m Darren, that’s right…a real person!), I’ll walk you step by step through my process, ensuring you understand all of your options and learning the best way to serve you. 317 Home Buyers doesn’t charge commissions and has no hidden fees at closing. I pay in cash (as opposed to a regular bank mortgage loan), making the process extremely quick. In most cases, you can close in a matter of days if that’s what we need to do, but we always defer to you to decide the closing timeline! And if you aren’t ready to move, 317 Home Buyers can work with you on the closing date or even let you stay in the house a few days after closing if that’s what it takes to help you. 317 Home Buyers makes it easy, handling everything with our in-house professionals from every walk of the real estate industry. Just call 317 Home Buyers at 317-623-4734 or send us a message to learn more.