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Should You Borrow Your Way Out of Foreclosure?
Posted on July 1, 2009
Filed Under Foreclosure Help, Stop Foreclosure | Comments Off
Welcome back!
Borrowing your way out of a foreclosure can seem necessary but be careful. There are predatory lenders who could charge what equates to feeling like an arm and a leg. They could also strip your home of equity and take such a huge cut that you’re in no better of a situation than you were before.
It might take big sacrifices to save your home from foreclosure but there are options out there. If you don’t have the option of going to a bank or to a close friend or relative to help you get out of financial trouble, there are credit counseling services and resources available through HUD that could advise you on your options.
Before choosing to borrow more money to only temporarily help you, consider all the options and weigh the pros and cons of additional debt before signing on the dotted line.
Should You Refinance to Save Your Home?
Posted on June 24, 2009
Filed Under Foreclosure Help, Stop Foreclosure | Comments Off
The potential for foreclosure is frightening. Some people choose to refinance when they see financial hardship looming on the horizon. This can be a smart move. Once you’re in financial trouble deep, it can be a bunch of rejections when you ask for a loan but if you have some foresight and nip the problem in the bud before you get into arrears, foreclosure will hopefully not be a concern.
When looking at the option of refinancing your home, you need to look for a long-term solution that will work for you and not a quick fix band-aid solution that’ll only ‘do’ for a few months. You don’t want to just buy time; you want to avert disaster.
Look carefully at all your refinancing options before making a move. It might work out to be a great decision for you but if it doesn’t feel right, consider looking at financial alternatives to save your house.
What To Spend Your Money on When You Save Huge On Buying A Power of Sale
Posted on June 17, 2009
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Buying a home that was a power of sale or foreclosure listing can result in huge savings. Not only could you save significantly on the cost of buying the home, you could get more house than you thought you could afford.
Some who look at foreclosure listings do so because they want to save money and get a cheaper house. Others want to buy a bigger house because it’s so dirt-cheap.
What will you spend your extra money on if you get a great foreclosure deal? Here are some ideas:
• Pay off some debt
• Take a vacation
• Renovate that house and make it worth even more money so its value appreciates quickly
• Buy two houses!
Foreclosure listings are readily available online to help you find a long list of discounted homes. Some require TLC but most times the homes are in great condition and ready to either move into or to flip and make a profit with.
keep looking »