Stopping foreclosure phase 2
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Stopping Foreclosure: Phase 2
Introduction
You've tried negotiating with lenders to no avail. What’s next? You can either give up or fight back.
Phase 2 Overview
When you search "stop foreclosure," you'll find countless articles on loan negotiations and restructuring. However, if you've tried these methods and reached a dead end, it's time for Phase 2. If you followed my first article, "Avoiding Foreclosure: Phase 1," you should already be organized and saving a little each week.
In 2005, approximately 846,982 properties faced foreclosure. Don’t let your home be added to the list. Phase 2 is about making crucial decisions:
- Where will you live?
- What will you do next?
- What is the minimum price you can accept for your home?
Initial Steps
1. Discuss with Family: Have an open conversation with your family or housemates. It won’t be easy, but it’s necessary.
2. Understand Foreclosure Timeline: Foreclosure can take 3-7 months, depending on state laws and your lender’s actions. If negotiations have stalled, it's urgent to act.
3. Decide on Selling: Focus on selling your home. Determine the lowest price you can accept, ideally covering what you owe. Even if you haven’t considered moving, start planning now.
4. Save Aggressively: In Phase 2 (2-3 weeks), prioritize saving money. You'll need it.
Get Organized
1. Gather Comparables: Find out what similar homes in your area are selling for. Check realtor and FSBO signs in your neighborhood and contact local realtors for recent sales data.
2. Check Advertising Rates: Contact local papers and penny savers for classified ad rates. Some, like Iwanna, may offer free listings.
3. Purchase Supplies: Use your savings to buy supplies. Get wooden stakes and neon posters for DIY "For Sale" signs. Handwritten signs often attract more attention.
4. Set Up a Hotline: Establish a dedicated 24-hour hotline to handle inquiries from potential buyers. This step is crucial for managing offers while maintaining your routine.
Online Presence
Consider creating an FSBO website to showcase your home. A good site allows you to post photos and provides potential buyers with more information than a standard classified ad. Such services typically cost around $59-60 for a nine-month listing.
Conclusion
Assemble these tools while keeping costs under $200. The next article will cover structuring a sale that might even provide a profit.
About the Author
James is the webmaster of resources dedicated to helping stop foreclosure and sell homes faster.
You can find the original non-AI version of this article here: Stopping foreclosure phase 2.
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