Five Ways to Help a Friend Who is Facing Foreclosure

With the sub prime mortgage debacle wreaking havoc among strapped homeowners, the rate of foreclosure is soaring in every region of the nation. Whether a friend of yours has fallen victim to the sub prime mortgage disaster, or simply has fallen behind in house payments due to unemployment or poor money management, there are ways you can help them in this time of need.

Five Ways To Help A Friend Who Is Facing Foreclosure:

Point Them In The Right Direction. When facing foreclosure, it is very tempting to simply pull the covers over one’s head and deny the severity of the situation. By waiting to act until the the notice of auction is printed in the paper, that is almost a guarantee that your friend’s home will be lost due to foreclosure. The truth is that banks don’t like to foreclose upon homes unless it is absolutely necessary. The bank loses money on every home that is foreclosed upon, and in most cases, will work with the lendee to avoid foreclosing on the home. Encourage your friend to talk to the lender instead of ignoring the phone calls and letters. Your friend may be surprised at the bank’s willingness to work with them. Give your friend the telephone number of HUD so that they can educate themselves of their rights and the agencies who offer assistance in these situations. If your friend is a veteran, there is even more assistance available and should be taken advantage of if necessary. If your friend is simply too depressed to research the information, do the legwork yourself. Different ways are available to get the loan amount in the bank account. The selection of the right one should be made with skills and excellence. My Green Loans makes getting a loan easy with simple procedure and less documents requirements. 

Five Ways To Help A Friend Who Is Facing Foreclosure:

Help Your Friend To Acknowledge And Improve The Situation That Caused The Financial Hardship.

I strongly believe in the old adage of giving a man a fish you feed him for the day, but teaching him how to fish feeds him for a lifetime. Sure, you could lend your friend the money to get caught up on the mortgage payments, as long as it doesn’t put your own family in financial distress, but that doesn’t really solve the problem, does it? If your friend has fallen behind in their mortgage payments due to being unemployed, assist in any way you can in helping them to find another job. Ask friends and family if they know of any job openings available. Scour the Help Wanted section of the paper every day. Give your friend the telephone number of the closest employment agency and encourage them to make an appointment. If your friend is having a problem satisfying the mortgage obligation due to trying to cover all the monthly bills they have acquired, give them the number of a reputable credit counseling agency or offer them tips on living more simply to reduce their expenses.

Five Ways To Help A Friend Who Is Facing Foreclosure:

Assist Your Friend In Finding Another Place To Live. Unfortunately, foreclosure is sometimes inevitable and your friend will need to find another residence. Help your friend to find adequate and affordable housing that is optimally available as soon as possible. Once your friend needs to move out of their home, help with the packing and moving. By lending a hand with the time consuming task of finding a new place to move as well as the actual moving process, you will be greatly helping to make the process as smooth as possible.

Five Ways To Help A Friend Who Is Facing Foreclosure:

Offer To Let Your Friend Live With You Temporarily. After foreclosure, your friend may be in such dire financial straits, that renting another residence is simply not feasible. Likewise, their emotional state may be too fragile to accomplish all that needs to be done to set up a new home. If you have the room and allowing your friend and possible their family, to move in with you temporarily, living with you for a period of time may be just the financial and emotional support your friend needs to get back on their feet.

Five Ways To Help A Friend Who Is Facing Foreclosure:

Provide Emotional Support. Losing a home due to foreclosure can be very emotional and damaging to one’s self esteem. Feelings of failure, humiliation and anxiety are common. By offering a shoulder to cry on and ears and a heart that listens without judgment, your friend will know that they are not alone during this crisis.