By now I know that you have heard of all the programs that are available to assist homeowners in avoiding foreclosure. There are lender programs, government programs, Fannie Mae programs, Freddie Mac programs and the list can go on and on...and they all have guidelines after guidelines to explain the guidelines that you just read. That is well and fine too...you can easily find a reputable loss mitigation or loan modification company that understands all of the guidelines and can help you to navigate the foreclosure jungle.
What if you really want to save your home from foreclosure but do not have enough income to qualify? We have been taught all the things that we need to do or have in order to purchase a home...but never anything about how foreclosure can change those requirements. The reason for this is that no one actually purchase a home with the thought of foreclosure on their mind and those that are confronted with it now never thought it would happen to them.
An additional source of income could be the difference in saving your home from foreclosure. It is important to understand that you are not trying to get a loan or refinance your home and because of this the requirements are different. A low debt to income ratio and the length of employment are not as important, neither is an outstanding credit report. The lender only wants to know if all of the debt obligations were included in the financial statement and the homeowner can now make the monthly payments in the event of a foreclosure resolution.
This is where an additional source of income would be helpful. Most of the time, the homeowner only need a few hundred dollars to qualify. Homeowners could start a business as a means of creating a source of additional income. But just what type of business? It need to be a business that have easy entry...a product or service that everyone needs...and allows you to earn a meaningful income within 30 days or less.
It is important to understand that if you are at an early stage in the foreclosure process, you should have enough time to develop that additional income source. Most of the time, homeowners panic when they are served with a foreclosure notice and do not accomplish anything. Do not let that happen to you. Remember, you can accomplish more if you have a solid foreclosure workout plan.
I have an extensive knowledge and background in all real estate issues. As a real estate agent, I have assisted numerous individuals, families, and investors in the acquisition of real properties. I have 10 years of experience working with lenders in the foreclosure loss mitigation process.
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