Facing Foreclosure in Kenner? Turning Assets Into Quick Cash

Losing a home to foreclosure in Kenner, Louisiana can weigh heavily on a homeowner. It is a result of deeper financial problems that have accumulated over a period of time. Having credit cards cutoff is one thing, being displaced from your home is devastating.

It is best to stop the bleeding before you reach the point of losing your home. Some homeowners believe they can work with their lender. This often requires being approved for a loan modification which can cost you down the line.

If you are facing financial hardship and can’t get a loan modification you will need to come up with the cash to cover your arrears. This may also include additional fees such as court costs and other penalties.

How do you get the cash needed to save your home? Keep reading for ways to turn assets into cash.

The Clock is Ticking to Get the Money You Need

Falling behind on your mortgage may seem like a huge hurdle to get over. People fall behind for various reasons. It could be due to a prolonged illness, loss of income, or another temporary setback.

You should keep an open line of communication with your mortgage company.  Once you’re 15 days late on your first payment the foreclosure clock starts to tick. In most case, a court filing for foreclosures does not begin until the homeowner is 90 days behind.

If a temporary situation caused you to fall behind contact your mortgage company and let them know what is going on. They can offer several options. These include a forbearance, hardship deferment, or loan refinance.

This will give you time to come up with the money you need to get caught up.

Coming up with fast cash will require some smart maneuvers. The sooner you bring your account current, the sooner you can get back on track.

Borrow From Your Retirement Plan

The IRS allows participants in a 401K plan to make a hardship withdrawal. Individuals facing immediate financial burdens such as foreclosure can take the money from the plan.

You will not be required to provide proof of the hardship. However, there are tax implications for early withdrawals.

Some employer’s do not allow for early withdrawals. If this is the case, check to see if there is an option for a 401K loan.

In addition to a 401k plan, term life insurance policies have loan withdrawal options. You will need to have built up equity in the policy. Check with your agent to see if your hardship qualifies.

Once things settle down you can always increase your withholding amount to recoup the money.

Sell a Vehicle to Cover Foreclosure Costs

Perhaps you are a two vehicle family or have a weekend car. An extra vehicle is a great source when you need money now.

It seems like a difficult sacrifice to make but selling a car will get you the cash you need. The sacrifice will seem small down the road when you consider you still have a roof over your head.

Plus, selling an extra vehicle will save you money. Eliminating car insurance, registration fees, gas, and maintenance, can go towards your mortgage.

In the future, you can always replace the car you sold.

Have an Estate Sale

Estate sales are typically held after someone passes or in cases where a foreclosed home has been abandoned. This doesn’t mean you can’t host one to save your home from foreclosure.

Don’t go into it thinking that you’re just having a garage sale. The items you are offering will differ drastically. You will need to have some valuable items to offer. It will also need to be publicized beyond yard sale signs throughout the neighborhood.

Selling things you own is a way to get fast cash. It will be hard parting with items that have sentimental value. However, if they bring in the cash needed to save your home you will need to do it.

Items you can sell and later repurchase include furniture, lawn equipment, your washer and dryer, and jewelry. Designer clothing and shoes are also popular items that will bring in fast cash.

Liquidate Some of your Portfolio

Do you have a stocks and bonds portfolio? Selling off some of your portfolio will get you the money you need. Unfortunately, there will be tax implications later on.

Meeting with a broker can help you better understand which stocks and bonds to cash out and which ones to leave alone. Although you are in debt now you don’t want to ruin your financial future.

When things get to this point you will also want to devise a plan to help you prepare for a future financial crisis. Understand how you go into debt and are now facing foreclosure. Devise a future plan to save for another rainy day.

Sell a Piece of property

Remember that piece of property you inherited and pay taxes on each year? If you have no plans of ever building on it, sell it.

When facing financial hardships you need to get rid of those things that are losing you money. There is always someone looking to buy a piece of property and it will get you the money you need now.

Do your research to find a company that will give you a fair no-obligation all cash offer. Plus, with the sale, you are sure to get enough to catch up on your mortgage and pay off some other bills.

Are You In Danger of Losing Your Home?

Do you have a pending foreclosure? If saving your home isn’t an option consider doing a quick sale. This could eliminate having a foreclosure on your credit record. In turn, you can recover from financial hardship quicker.

Losing a home is not the end of the world. Once you overcome this setback you can always buy a new home.

Are you in Kenner, Louisiana and need to sell fast? We buy houses in Kenner, LA Let’s see what solutions we have to offer for your unique situation.

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4209 Williams Blvd Ste. C
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