Foreclosure is an overwhelming and emotional process. 28 million Americans during the real estate crash in 2009 were faced with financial problems associated with late mortgage payments or no payment made at all. No matter when your foreclosure has occurred, the feelings generate the same response.
The processes and circumstances around foreclosures are unique. However, the bottom line emotional advice is the same: know you are not alone. Millions of Americans have either dealt with a foreclosure themselves or know someone close to them who has been through the process. Ask for advice, look for options and communicate with those around you. We have compiled some tips and advice when you find yourself dealing with a foreclosure in Phoenix.
Communicate with those around you
Whether you are communicating with your bank, a lender, a buyer or your friends and family, openness and honesty will take you great lengths. If you have decided to seek counsel with a foreclosure attorney, you will learn how to effectively seek out options that work for your unique situation and become educated on your rights. Professional counseling will assist in leading you down the right and most effective direction while friends and family provide love and support. Both are necessary and recommended!
Start a new budget and stick to it
During the process of a foreclosure, we recommend starting a new budget and sticking to it. Ask yourself where you can reduce more financial strain in your life. This can be anywhere from choosing to grab a coffee at a shop versus making your own to investigating different companies and prices for car insurance. Download free budgeting apps and share with your spouse to hold one another accountable for financial decisions.
Gain clarity on the foreclosure process
The process of foreclosure looks different from state to state and even city to city. There are areas in the United States like Miami, Florida where the average time that it takes to go into full foreclosure is over two years. Foreclosure attorneys can even delay this process even further. If stretching out your time in the home isn’t what you are after, be clear on how the process looks for your specific situation.
Get excited about your future
There are plenty of negative emotions surrounding foreclosures, so getting excited is a great way to shift the negative energy out and bring new, positive energy in. A fresh new start is just what you need after being behind on payments and leaving a home. Talk to people who are willing to support you whether you need a place to stay while you save or friends who will sit with you and spend quality time together brainstorming new solutions. Don’t allow a foreclosure to weigh on your shoulders and sacrifice your emotional and physical wellbeing. This is a time for you to take care of yourself and forge a new path forward.
If you are looking for more information about foreclosures or want to sell a house fast in Phoenix, call our team at All Homes AZ to consult. We can help you strategize and get you moving forward on your own two feet.
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