Many of you out there are in fear of facing foreclosure. Interest rates are rising, your adjustable rate mortgages (ARMs) are resetting. And you are scared.
What should you do?
Well, before we talk about that, let’s talk about what you absolutely shouldn’t do. And that’s just to bury your head in the sand, leave your keys on the counter and walk away!
It’s not only the chicken way out, it also leaves you in the worst possible situation because you have options and, if you don’t seek them out, you are making a bad situation worse.
So, here’s four steps to take if you are facing foreclosure or think you might be in the future:
1. Ask for help!
There is no better way to get what you want than to ask. Most of us are too afraid or ashamed to ask for help and so we give up and give in before exploring all of our options.
You have nothing to be ashamed of and you don’t need to be afraid. When you ask for help, you will get the help you need. But, you’ve got to ask first.
2. Don’t get conned.
You do need to be aware of people who will try to prey on your circumstances. This can be a time of confusion, worry and fear for you. And you must not allow this fear to cause you to make bad decisions.
But how do you know what’s a bad decision?
Well, first off, never sign any legal documents without having them reviewed by a trusted lawyer. While you may think having a personal lawyer is not accessible or affordable to you, it’s not true. A personal lawyer can save you tens or even hundreds of thousands of dollars over your lifetime by saving you from bad decisions. Find a lawyer who won’t bill you hourly and you can turn to throughout your lifetime before making important financial and legal decisions here.
And never, never, never sign over the deed to your home without talking to a lawyer. Doing so could cost you and your family dearly.
3. Get help from trustworthy sources.
There are some trustworthy sources to turn to if you are facing foreclosure. Start with these:
Gold Cross of America
USA Freedom Corps
Neighborhood Assistance Corporation of America
Homeowner’s Hope
Acorn Housing
And, even when working with a trusted resource, don’t enter into any agreement without first talking to your own personal lawyer first. This is a scary time for you, but with good advice and trusted guidance, you can come through the other side in a better position than before and ready for massive success in your life.
4. Keep your chin up!
I know this seems like the worst thing that could possibly happen to you, but you can choose to see it a different way.
Look at this as an opportunity for growth and learning and see it as the first step on your journey towards the life of your dreams.
Many famous and very successful people have experienced bankruptcy and faced foreclosure. And several of them have even been heard to say that it’s a rite of passage.
The real test is whether you can get back up, brush yourself off and create something even more amazing. You can, but not if you bury your head in the sand, don’t take responsibility and act like a chicken!
Hold your head high, take responsibility, ask for help and make this the turning point of your life.
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