Job loss: Let’s face it, there are only a few things we deal with as adults that are more stressful. And if you are facing one, you might also be worried about how to avoid foreclosure.
After all, if you don’t have income, how will you pay for your home and avoid foreclosure?
A foreclosure after a job loss isn’t inevitable and there are steps you can take in the immediate aftermath that can help you out. Read on:
Contact your lenderOne of the first things you can do if you think you might not be able to make your monthly mortgage payments is to contact your lender immediately. Don’t just stop paying or ignore the issue. Many lenders – especially smaller companies – want to work with homeowners and avoid foreclosure. There are often options like forbearance or loan modifications you can work out.
Look for other resources
Obviously, after a job loss you will likely be looking for other employment or collecting unemployment benefits. However, you can also work to fix up your resume, find a second job or sell high-ticket personal items on marketplace sites like eBay to avoid foreclosure.
Call an attorney
Many foreclosure attorneys offer free consultations to potential clients who are looking for some advice – before foreclosure is filed. It never hurts to ask an expert a few questions about your unique situation.
Sell your home
If you think you might not want to keep your home, try and sell it before you find you can’t make payments. It might seem drastic, but it is something to consider. A foreclosure is a difficult and ugly process, so if there is a chance you can find other living arrangements and sell your home – without going through a foreclosure – this is one avenue to explore.
Mina Nami Khorrami LLC
Do you have questions about how to avoid foreclosure? The legal experts at Mina Nami Khorrami LLC can help. Contact us today at 614-857-9590.