Avoid Foreclosure Help – Last Minute Strategies to Stop Foreclosure
Bankruptcy has affected millions of Americans. As entrepreneurs, having personal or professional difficulties or even failed projects – that creates a situation where you are put into bankruptcy can be demoralizing, creates emotional stress, and overwhelms the spirit of entrepreneurship.
However, you might be able to save yourself by selling your house to settle debts or might stop foreclosure last minute. These 5 strategies to stop foreclosure help you to bounce back to your life quickly. Read below for more information on how you can prevent or delay foreclosure!
Take a financial inventory
It is absolutely vital that you begin to look at your own situation in the most realistic terms. Where exactly do you regard your financial situation? How much money have you lost? How much do you owe? That helps you clarify where you are today, and begin to limit the feeling of stress. It also gives you some ideas of collecting money. Selling a house is one of them, you can sell by approaching a traditional real estate agent. To sell to a house buyer, you can go the “for sale by owner” route and sell directly to a quick house buyer, or selling a home to an Investor is also a good idea.
Start budgeting your way out
No business progresses without a plan, so you have to do the same. Charfen says it is necessary to create a budget with the minimum necessary money base that you will need to survive and stick to it religiously. Calculate the net worth of your estate, and begin to outline the way out of your problem.
Charfen explains, “When Casey and I went bankrupt, we planned on selling a home to an Investor. Once it was done, we sat down to evaluate our budget and cut the monthly expenses, which were $ 22,000, cut down to 3,500, and we forced ourselves to live with this money for a year. No matter how much cash we were able to earn in that time. We create a financial goal plan for every 30 days, every 90 days and the whole year. Then we worked each day to achieve them.
Charfen also explains that you do not have to hide your problems. Find support and protection through your friends and family, and from those who would not judge you. Bankruptcy is the fact that millions of people have to face in their life and it is something that you do not have to be ashamed of or something that you have to hide. Ask for help when you need it, openly communicate your situation to those around you.
Great homeowners stay focused on their goals. Do the same with your bankruptcy situation, free yourself from everything that prevents you from concentrating. “Cancel your membership to professional organizations or your volunteer commitments, even if just temporarily,” says Charfen. “Even more, be cautious with your social relationships, especially those in which you can not find support to get ahead. Bankruptcy requires a different lifestyle. Cadey and I adjusted the expectations of the house we wanted to live in and the kind of cars we wanted to drive. We cancelled our subscriptions for newspapers and magazines, suspended cable TV and stopped going out to eat. We made life as simple as possible so we could focus on the only thing that mattered to us: bouncing back.”
Commit yourself again
Charfen’s last advice may be the most important: “If you are bankrupt, you are not a failure,” he says: “You have lost on a single scale, that of money. Your passion, creativity, determination and past successes are still intact. Although publicly declaring bankruptcy is one of the most humiliating things for entrepreneurs, it also offers an incredible opportunity for rebirth.”
Remember, when there is nothing to strive for, bankruptcy gives you an opportunity that few people have: a clean slate. Although it is an uphill road, sometimes being at the bottom can be the best place where entrepreneurs can find the stimulus they need.
Using these steps, Charfen and his wife were able to rebuild their fortunes and rebound into the business world with great success. Entrepreneurship is a bumpy ride, with ups and downs. If you find yourself in a downward situation like bankruptcy, simply think and act with entrepreneurial instincts and turn the situation around.
If you are bankrupt and needs money then selling a house can help you. We are the best house buyers to sell your home fast, look no further than Minnesota’s leading home buyers – Homestead Road. Sell your home for cash; We buy houses without any bank hassle and in stress-free manners.