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What do you know about sidestepping foreclosure?

On Behalf of | Jan 27, 2021 | Bankruptcy

Besides facing bankruptcy, you may also live with the ever-looming threat of losing your home through foreclosure. Can you do anything to keep your residential property while navigating a tough financial storm? 

The U.S. Department of Housing and Urban Development offers suggestions for avoiding foreclosure. Take action to stay right where you are. 

Beware of foreclosure recovery scams

Companies may approach you and claim that they can put the brakes on foreclosure. To avoid becoming the victim of a scam, read over paperwork from front to back to understand what you may risk by agreeing to let the company take over in your stead. Seek professional help to understand all the agreement’s terms. 

Tap into your assets

Now is a good time to go through your house and determine whether you have items or assets that you could sell. Do you have another car or electronic equipment that you no longer use? Perhaps you have a whole life insurance policy to tap. If you do not have assets or anything to sell, consider picking up a side gig to bring in extra income. 

Do not trust foreclosure prevention companies

Other than foreclosure recovery scams, foreclosure prevention companies may contact you, or you may work with them. Exercise caution, because you do not have to pay for foreclosure help. You may have a better experience reaching out to a HUD-endorsed housing counselor if you desire trustworthy information regarding your rights, the law and budgeting tips. 

Do not give up on keeping your home sweet home. You have more options than you may realize. 

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