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Might One Of These Options Keep You From Losing Your Home?

On Behalf of | Aug 2, 2017 | Home Foreclosure

Many people, including, perhaps, some in Ohio, go through life trying to avoid thinking about their problems in the hope that they’ll eventually go away. Others, perhaps yourself included, prefer to meet their problems head-on. You might consider yourself somewhere in between these two extremes, but when it comes to financial trouble, evidence suggests that waiting too long to do something about a potential problem may lead to utter disaster, especially where ownership of your home is concerned.

If you’re currently facing money problems, you’re certainly not the first person in the state to do so and will not be the last. Such situations often cause people embarrassment, however, which can make them hesitant to reach out for support, even when they know it exists. There are several things you might be able to do to overcome serious financial challenges, and, in turn, improve the chances of keeping your house.

Is your lender threatening to obtain ownership of your home?

The idea of losing your home may be overwhelming, especially if you have no foreseeable alternate plan for where to live. If you have children, you likely feel a great need to come up with a plan that can help you get back on track and do whatever is necessary to keep your family under the same roof. The following tips may help you improve your current situation:

  • Discuss the problem with your lender: If you explain your situation and request reprieve from your maximum mortgage payment for a temporary amount of time while you restore your financial stability, your lender may agree to adjust your account and suspend the foreclosure process.
  • Take control of all spending: Sometimes, you may not think you have a penny spare, but upon careful review of household spending habits, you may find you have more money than you initially thought. By cutting out all unnecessary spending, you may be able to acquire funds you desperately need for mortgage payments.
  • Sell stuff: What types of assets do you own? You may be surprised at how much money you can come up within a pinch by selling jewelry, a second vehicle or vacation property.
  • Cut expenses: Perhaps you can do without your gym membership or other subscriptions that cost you monthly or annual fees.

If you talk to other friends or family members in Ohio who have successfully avoided foreclosures in the past, you may come up with fresh ideas to help you overcome your current financial problems as well. So too, can you seek support by asking an experienced bankruptcy attorney to help you explore any options that might be available.