Dealing with an impending foreclosure is tough – probably one of the toughest things you can face as a homeowner. This situation can leave you stressed, emotionally distraught and financially strained – so here are a few tips on how to avoid foreclosure, or at least slow it down. The team at Ben Buys Indy Houses understands that this is a difficult time for you and for your family, and we want to help!
How to Avoid Foreclosure
The only way to truly prevent a foreclosure is to pay your debts. However, there are a few ways that you can slow the process and hopefully get yourself enough time to either sell your home or regain your financial stability.
Tighten Your Belt & Cut Living Costs
This is fairly self-explanatory, and if you’re facing foreclosure, chances are you’ve already done this. Cut out any excess spending. If you have more than one car (or car notes), then consider selling one. Take on extra jobs, freelance work or roommates. You can also consider holding a yard sale or selling items online to bring in a little extra cash. Shop sales at the grocery store and cut back on how much gas you use. These may not fix your long-term financial situation, but they might free up enough income to help you make a few good payments on your mortgage.
Cooperate & Communicate With Your Bank
In most foreclosure cases, the banks will have an easier time of it if you can remain in your home. And, don’t forget, these are people too – likely, they don’t enjoy the process of foreclosing on a home and sending a family packing. Communicate with them. Work with them. See if you can work on negotiating some delayed or lowered payments. Pay what you can and see if they’ll let you extend some of your deadlines. Stay on their good side as much as possible – it can help you in the long run.
Declare Bankruptcy
This is somewhat of a last resort, since it can have major implications for your future finances. However, if you are desperate and/or unable to pay anything on your mortgage, declaring bankruptcy will bring all foreclosure proceedings to a grinding halt. It won’t erase your debts, of course, but it can buy you some time to get another job, reevaluate your spending and potentially get your feet back under you. Never do this unless you have exhausted all of your other options.
Wait on Deadlines
This is somewhat of a tricky thing, but you can try waiting to pay things and file paperwork until the deadline is close. It can buy you a few extra days. Never miss the deadlines, though – that only sets you up for failure and gets you on the bank’s bad side. It might be worth a shot, if you’re in a really tight situation.
Sell Your House Fast
Another way to avoid your foreclosure is to speed up the sale of your house and downsize to something cheaper and smaller. Here are a few inexpensive ways to speed up the sale of your house.
Do Quick & Cheap Upgrades
There are a lot of quick upgrades you can do in order to boost your home’s value before selling. Something as simple as deep-cleaning your appliances and replacing the knobs on your kitchen cabinets can freshen up the home’s look. Give lighting fixtures a fresh coat of paint and replace broken blinds with cheap, new ones. Consider shopping at resale shops or thrift stores for some of these items – you never know what you might find.
Find Easy Ways to Increase Curb Appeal
Mowing your lawn, planting some flowers and weeding your driveway can all boost curb appeal. If you have a little bit of cash to invest in this, you can also give your front door a fresh coat of paint and rent a pressure washer to deep-clean any pavement and siding.
Drop Your Sale Price
Ultimately, the best way to sell your home faster is to drop the price. Consider dropping your sale price so that you can pay off debts, but perhaps don’t take much (or any) profit.
Sell to Ben Buys Indy Houses
If all else fails, consider selling your home to Ben Buys Indy Houses. We are a cash home buyer for the Indianapolis area, and we can work with you to get your home sold quickly and for a fair price. In a foreclosure situation, we recognize the need to move fast. We won’t delay, and we purchase in as-is condition, so there’s no need for you to spend money on updates or remodeling. We can have your home sold in as little as a week. You’ll have the money in your hand and be free of the house. If this sounds like something that would help you out, contact us today!
