Can I stop foreclosure once the process has begun?

| Feb 26, 2016 | Foreclosure |

Getting a notice that your home in Miami-Dade is going to be foreclosed on can be frightening. You may think there is nothing you can do because of your current financial situation but that may not be entirely true.

According to RealtyTrac, you still have some options that are available. One is that you can set up an even tighter budget, making your mortgage payment the top priority. It can also encourage you to think about what you really need and what you could probably do without. For example, maybe you still pay for satellite or cable TV. Unless you need access to those channels for your job, you could probably save some money by cancelling the service. Anything that would be deemed a luxury, like the kids’ soccer club, eating out, lawn care or your kids’ phones should be placed at the bottom of the budget for any money left over.

Taking a proactive approach with your home’s lender is another way you may be able to stop the foreclosure from taking place. Approaching the lender as soon as possible sends a message that you are responsible and you want to be able to make your payments and keep the house. Sometimes, your lender may be able to provide you with help on how you can get back on track with payments or they may be willing to renegotiate your mortgage.

Think about increasing your income through a home business on the side or working a second job. This may be difficult for you to accept, especially if you have a professional career but think about how you worked your way through college to get that degree. Your home is another long term investment so isn’t it worth the additional work?

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