From the basement to the roof
Its hard acting aloof,
When payments get behind
And your're in a financial bind
Try making yourself foreclosure proof.
With foreclosures rising in black communities, because of predatory lending practices by lenders.
Many black homeowners scramble to save their homes. Other homeowners struggle to sell their homes in a tight real estate market. Still others work to save their equity and credit rating before they slip away.
All of these problems have solutions if you take the steps to make yourself more foreclosure proof. The number one mistake most black homeowner's make is failing to make themselves foreclosure proof.
Here Are 9 Powerful Tips to Make Yourself More Foreclosure Proof:
1. The Number One Rule.
The number one rule to make yourself more foreclosure proof is current information. Yes, take the time to seek information as you're doing now.
It's the first and most important step you can take to make yourself more foreclosure proof. In addition, with changes taking place everyday, it's important to keep informed and updated by reading articles and newsletters like you're reading now.
2. Take Action Now!
Every study performed continues to confirm one of the biggest mistake homeowners make when facing a loan default is doing nothing, until it is too late.
Positive, informed actions continue to be the best way to make yourself and your house foreclosure proof. Know the longer you wait to take action, the less options and choices you'll have.
3. Appreciate The Little Positives.
The threat of losing your home is serious. You may find it harder to see the positives in your situation. But there is a science to this philosophy.
The more positives you can see, the more hope you muster and the positive actions you will take.
4. Be Patient - Don't Fall for Foreclosure Scams.
When foreclosures increase so do the foreclosure scams, businesses and frauds who feed off them.
With the threat of foreclosure moving toward many black homeowner's it's tempting to leap at the first deal someone brings to rescue you.
But many black homeowners have found themselves in worst shape after dealing with these so-called foreclosure consultants.
Avoid deeding your property
to people or companies who you have not researched thoroughly. After
that think twice before doing it.
7. Refinance While Your Credit Is Good.
Many homeowners make the mistake of waiting until they've missed two or three payments before trying to refinance. This makes it much harder to find a lender who will refinance.
8. Price Your House To Sell.
It is better to sell your home and preserve as much of your equity and good credit as you can. Selling your house will give you a better chance to have a fresh start.
It could also result with you getting a little cash out of the deal.
9. When All Else Fails.
After you've tried all the previous actions to make yourself foreclosure proof, you still have this simple solution. Use it as your last resort.
You can keep a full foreclosure off your credit record by simply giving your house voluntarily back to the lender. Called a "Deed In Lieu of Foreclosure."
According to the U.S Department of Housing and Urban Development, here's what a Deed in Lieu of foreclosure (DIL) is. Where a mortgagor voluntarily deeds collateral property in exchange for a release from all obligations under the mortgage.
Although it is a negative on your credit rating, it's less harmful than a full mortgage foreclosure.
By reading this newsletter, you've taken the first steps to make yourself and your house foreclosure proof. Remember the key is to take the time to educate yourself and take action.
For more information on your rights before, during or after foreclosure go to www.acorn.org and click on the Stop Foreclosure link.l
For more ideas on what to do before, during or after foreclosure get free report here!
Take the time to inform other homeowners who may be in foreclosure or in danger of foreclosure by sharing this information with them.
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Next week I'll discuss how you can Spice Up your home with African Decor. You'll learn why more and more African American homeowners are investing in African decor and loving it.
Have a good week!
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