Avoiding Foreclosure: How to Keep Your Home in Your Hands

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Updated December 22, 2018
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Avoiding Foreclosure: How to Keep Your Home in Your Hands

Jaden Ghylin
Jaden Ghylin

Jaden has been working in real estate since 2005. Jaden has a degree in Electrical Engineering and has a talent for helping people work through all sorts of difficult problems — and his passion is real estate. Jaden’s priority is understanding his clients’ unique situations and working together to find win-win real estate solutions that benefit his clients.

Foreclosure is a scary proposition for anyone. The home is where the heart is, and it’s tough for any family to pack up and find a temporary place to stay while you try and get back on your feet.

If you don’t want to ever deal with the bank trying to strip you of your home, then follow these helpful tips to make sure that your home stays in your hands, where it belongs.

Don’t Ignore the Problem

This is one issue that you cannot afford to put off. If you recognize that your home is underwater (that the equity of your home is less than what you owe on the house), then you need to act quickly. Refinancing is a possible option and one that works for many people who find themselves in this situation. Another potential option is to sell your home early before the home’s value falls even more. This is a tough choice to make, but if you believe that you can’t afford the necessary costs going forward, then it is the smart choice to make. A financial adviser can work with you to make the right decision. 

One reason many face foreclosure is due to the loss of a job. If you ever find yourself without work, reach out to your lender immediately and discuss your situation. Despite what you may think, lenders do not want to take your home from you. They’ll work with you to reduce monthly payments until you get back on your feet, or they may even suspend payments altogether.

So, if you ever find yourself in a tough situation, be proactive and don’t be afraid to seek help from a trusted professional.

Understand Your Mortgage Rights

mortgage rights
Courtesy of Credit.com

While hopefully, you have a firm grasp on the details of your mortgage, it’s a good idea to refresh yourself as soon as you see yourself potentially falling into foreclosure territory. Seek out your loan documents and read them thoroughly so you are aware of what may happen if you don’t make your payments.

You can use this helpful resource if you have any questions about your states foreclosure laws and time-frames, which varies state by state.

Budget Wisely

Budgeting smartly in times of financial distress is easier said than done. But even creating a rough outline of a budget can help you understand your finances and the moves that you must make with your money to maximize the amount you can put towards your mortgage. Any monthly memberships or entertainment payments, or other expenses that you can do without should be the first costs you cut.

Take Inventory of Your Assets and Use Them

assets
Courtesy of Dallas Divorce Law blog

Do you own a second car, jewelry, or anything else that you can live without? Selling these assets can help you reinstate your loan. Is there another member of your home who can acquire a job, or a second job, to help bring in additional household income?

While these actions may not increase the overall income in your home by a lot, it will at the very least illustrate to your lender that you are willing to do what it takes to keep your home.

Be wary of Foreclosure Scammers

There are some people out there who will pretend to be someone you can trust and that they can help you avoid foreclosure, but will end up tricking you into becoming a renter in your own home. Check out this list of approved housing counselors courtesy of the Department of Housing and Urban Development. Before signing any legal documents, make sure you speak with an attorney, a real estate professional, or a trusted financial advisor.

Minnesota Home Guys – An Efficient Option

At Minnesota Home Guys, we help people who are nearing foreclosure but don’t want to lose their home for an unfair price. We’ll buy your home from you, for cash, fast and efficiently so you’ll get a fair price for your home, as opposed to having it taken from you.

If you want to sell your home quickly, contact us today and we’ll work with you to avoid foreclosure and get you cash for your home.

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Jaden Ghylin
Jaden Ghylin

Jaden has been working in real estate since 2005. Jaden has a degree in Electrical Engineering and has a talent for helping people work through all sorts of difficult problems — and his passion is real estate. Jaden’s priority is understanding his clients’ unique situations and working together to find win-win real estate solutions that benefit his clients.

Dale Helm
Dale Helm
12:55 08 Jan 18
I highly recommend the Home Guys if you are looking to sell your home. The process was very streamlined, transparent, and straight forward. I worked directly with James whom I found to be a very honest, caring, and ethical businessman.James truly cared about our needs and listened to our concerns. Because of James our dream of a new home became a reality. A huge selling point for us was the fact that this transaction could occur far faster than a normal one, without realtor fees, closing costs, or the typical red tape.We had never done this kind of thing (selling to a home improvement company) but now that we have - we are really glad we did. It was the right move for our situation. If you are considering selling your home to a home improvement company (flipper) I do not think you will find a better one than the Home Guys - I give them the highest of ratings.
Dana Rankin
Dana Rankin
22:22 23 Sep 18
Great team awesome company!
Julie Amber Gianera
Julie Amber Gianera
15:20 14 Jan 18
Easy, easy, easy! I highly recommend MN Home Guys and would absolutely use them again. It was about two weeks from first contact to close, and then closing only took 15 minutes. Great company, wonderful service.
Brian Tucker
Brian Tucker
20:30 09 Jan 18
Easy to work with, very reasonable offer for my property, easy closing. Great doing business with them!
Brent Brent
Brent Brent
09:25 10 Jun 17
I contacted to Minnesota Home Guys to purchase our first home and really can’t say enough about them. They are knowledgeable, approachable and very professional. Buying a home in this market is challenging, but working with Minnesota Home Guys made it as painless and straightforward as possible. I would highly recommend them.
Grant Jones
Grant Jones
10:11 03 Jun 17
One of the best and fast services provider. They provided me a fair price for my house. I am totally satisfied. Thank you!
Andy & Mandy Fobear
Andy & Mandy Fobear
17:28 29 Mar 19
They have been a great team with who we have done work. Very nice, honest and genuine. "Do things right" is what they have said AND done.
Katie Wilson
Katie Wilson
17:21 02 May 19
This company was great to work with, it was like going through a usually stressful experience with a friend in the know. They were helpful and courteous and most of all kind. They treat everyone with empathy in an industry where it's commonly lost. I'd recommend them to anyone!
Claire Almon
Claire Almon
17:03 06 May 19
I had a very time sensitive situation and I had never sold a house before. I didn’t know what I was doing AT ALL which made it incredibly stressful to navigate through the sale process especially with the added pressure of a deadline ...then I met James from Homeguys. He immediately calmed my fears, made everything seem so easy and manageable and even helped me look for a new place! I had receives several different offers from other home investor company’s but in the end, I am so glad I went with home guys. James (and his lovely, patient wife) put up with my endless, sometimes nonsense emails and questions so kindly and walked me through any and everything that i didn’t understand.. I am so grateful for their kindness and patience with me. In the end, Home guys made this whole experience so much easier than I thought it would be and it went just as quick if not quicker than I thought it would. I would recommend homeguys to any and everyone that will listen!
Jane Thomas
Jane Thomas
16:28 26 Aug 19
I am completely satisfied with the service from Mn Home Guys. Brad was so good to work with. He answered all my texts and emails very promptly. Closing was very easy. There was no double talk, high pressure, and I was able to think through what was best for me without any unwanted suggestions. I would definitely recommend Home Guys if you need to sell your home effortlessly. Huge thanks to Brad.
Steve Huso
Steve Huso
21:29 12 Aug 19
I was exceptionally impressed by the integrity and competence of Minnesota Home Guys. Their straightforward approach and honest evaluation of the facts was impressive and invaluable for my decision making process. They provided a skilled and through examination of my property to give a clear range of potential options, with additional information to evaluate each option. I worked with Brad Sauer and appreciated his expertise and communication skills. I especially appreciated the careful consideration of my needs and the absence of any sales pressure. I highly recommend Minnesota Home Guys.
Aaron hanson
Aaron hanson
15:39 29 Aug 19
Will not return my phone call. Purchased a home that they flipped and are regretting the purchase big time. Unfortunately they had the JV team doing the work inside. We are accepting the consequences and are doing the best we can to make it our dream house.
Christopher Peterson
Christopher Peterson
20:40 26 Sep 19
I was looking into having my place bought outright, but James suggested I sell the house outright to obtain more equity. We listed the house at $199,000 and sold it for $210,000! My realtor, Tim, was very knowledgeable and made the process as easy as could be. I am definitely going to hire Minnesota Home Guys for any other real estate needs in the future.
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