Difficult Decisions: Additional Loans to Prevent Foreclosure?

: Chris Lee Law Firm

  Filed under: Foreclosure

foreclosureFor many Americans facing foreclosure, the big question is: how do I avoid foreclosure?  Unfortunately, there’s no single, guaranteed method.  However, that doesn’t mean there isn’t an option that will work for you!  Finding what method best suits your situation is something that you will have to determine.  Hiring a financial professional can help you make the right decision, too.  And, the fact that you’re reading this blog says a lot about your preparedness!

Additional Loans?

If you’ve already gone through the traditional refinancing and mortgage modification routes, you might be thinking about taking additional loans to help see you through to the other side.  There’s no single, catch-all piece of advice that can cover everyone’s situation.  However, here are some things to think about before making this leap.

Additional equity loans should only be taken in an emergency.  Of course, the threat of losing your home could certainly constitute an emergency.  But, payday loans and car title loans are serious things.  If you don’t have a feasible plan for repaying them, approach with caution!

Before you consider adding additional equity loans to cover your mortgage, have you thought about all personal assets you could sell for cash?  Getting rid of non-essential assets should always be the preferred option in this situation.  Cash in the pocket because of a sale is much more valuable than loaned cash in the pocket.

Foreclosure can be hard, but we can help you make the most of it, by insuring that your best interests are met.


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