After Christmas and New Years are done and dusted you may find yourself in a bit of a bind with cash. Many people would have been in denial before the holidays and oblivious to the consequences of spending all of their cash. If you are finding it a bit hard to cope and the family is starting to suffer then you need to do something about it.
The last thing you need to worry about is your house. Here are a few ideas that may help.
M MOTIVATION... Have you been avoiding looking at your mail for fear of what might be there? You need to bite the bullet and see where you stand and make contact with the banks. The sooner you contact them, the more choices you may have. Make sure you get moving as soon as possible.
O ORGANIZE YOURSELF... In order to make contact you will need to make sure you have organized all related files and paperwork. This also increases your sense of control over your situation.
R RECRUIT THE FAMILY... There is nothing worse than trying to do it all yourself. If family members are aware of the situation you may be less likely to stress as much, and they may give you a little leeway if you are a bit short with them.
T TALK TO SOMEONE…There is always someone around who may be able to offer assistance whether it be face to face or phone assistance (Life line, Red cross or similar)
G GET A VALUATION…If your situation is really dire you may need to sell. If this happens you will need to contact a couple of real-estate agents who may give you a free valuation. This will at least give you some more information to present to the banks.
A ACTION…You need to “pull your socks up”, take a deep breath and take action. Don’t spend too much time dithering around avoiding the problem and don’t give in to analysis paralysis. You need to just DO something. The next step will present itself once you’ve taken that first step.
G GO EASY ON YOURSELF… If you know deep down that you have done your best for yourself and your family, then guilt, anger, and frustration have no place in your home. All these emotions do is drag you down. You need to let go of them in order to help solve your problems
E ENJOY YOUR NEW FOUND FREEDOM…Once you have sorted the repayments out, and all parties are happy, the freedom and relief you will feel will be enormous. When you are ready, if you use this knowledge to help others, you will feel so much better about yourself. You may be the reason someone else can save their home by lowering their mortgage payments!
The upside is that there are many mortgage companies these days that are open to mortgage reduction programs to help homeowners keep their houses; as it is in the best interest for them to keep the borrowers in their homes because they are simply not in the business of real estate.
If they take back (repossess) a home because the homeowner defaulted on the mortgage, they are more than likely going to lose money on that house in most cases. If helping homeowners to keep their homes the mortgage companies stand a good chance of continuing to make a profit on the mortgage they had loaned out.
And with the state of the real-estate market they really don’t need a whole drawer full of houses.
This is why it is in everyone’s interest to sort out some sort of repayment plan, or refinancing plan.
The banks will be better off and you still get to keep your house. Win win all round.
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