When You’re Jobless and Facing Home Foreclosure
By the first quarter of this year, there have been a total of 803,489 filings for foreclosures in the US , reports online foreclosured property marketer RealTrac. If you think that losing your home is a shameful thing, you’re just a part of a growing share of the population that is slowly making homelessness and unemployment the new trends. We’ve heard about recession chic in the fashion and style industry, but when it comes to real estate, no change in outfit will ever take away the sting of losing a home. You not only lose shelter, but you lose a home where precious memories and lives were created. Having a foreclosure in your credit history will damage your credibility and make it harder and more expensive to purchase property in the future.
Dealing with home foreclosure
Coordinate with the lender or the bank. When dealing with homeforeclosure, coordinate with your bank or lender. Banks and lenders will only go after your home in the event that you missed paying your mortgage for a few months. Ask if you can have more time to pay off your debts, and formulate a payment plan or schedule that you will follow.
File for Chapter 7 or Chapter 13 bankruptcy.
Though bankruptcies can be your saving grace in the threat of foreclosure, these short-term reliefs will certainly give you long-term problems that may last up to ten years. Be sure to talk to lawyers who specialize in Chapter 7 and 13 bankruptcies so you can figure out your next steps.
How you could’ve avoided home foreclosure
Foreclosures hit the family bad especially if one or both parents are unemployed. In order to steer clear of this situation, don’t miss out on the mortgage payments. Make sure to set aside the money for the house so you won’t be using it up for other expenses. Also, don’t incur other debts. Live within your means and don’t take out unnecessary properties on credit.
You can fight for your home through many legal means. However, there will come a time when you really need to let go and move on. Though the bank or your lenders may take away your home, they are doing this in order to cover for your debts so you can start all over again.
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