Being foreclosed upon isn’t something that is over at the auction block – the consequences and fallout can hang over you both personally and financially for years. If you try and are able to qualify for any type of credit moving forward (house, car, etc.), with a foreclosure on your personal credit report, you may end up paying the large interest due to the risk you now pose as a borrower. As life becomes more expensive, this red mark on your credit may force your standard of living to be less than you’d otherwise wish it to be. Housing can be a challenge to attain, and a foreclosure on your credit history has the potential to put future employment opportunities at risk as well. Please don’t let this happen! (we can help…keep reading…..)
Ignoring this will not make it go away, and this is where a lot of people get tripped up – in Hawaii and everywhere else. Eventually, the problem will rear its ugly head and stare you down, and you’re going to have to address it. It’s far better to be proactive NOW then wait for it to unravel later when it’s more expensive. The stress of the process can also take a significant emotional toll, as you’re left wondering when the lender will take back the house and sell it at auction down at 777 Punchbowl St (if you’re in Honolulu County).
Sadly, a foreclosure in your name could still leave you owing the debt remaining on the property as well, called a “deficiency judgment”. If you’ve already received a foreclosure notice, this is not the time to allow yourself to shut down. Take this notice as a final chance to turn things around and act accordingly. Whatever you do, if it has gone to this stage, don’t bury your head in the sand. Don’t be an ostrich! Stay focused on the problem at hand. Avoid letting emotions take control. Be proactive and you’re already one step towards fixing the problem.
Do you want to stop the lender from foreclosing on your home and avoid facing all of the negative ramifications? Understanding foreclosure and what you can do to stop it in Hawaii can help you avoid paying such heavy debts.
Let’s keep going….
Discomfort
If you’re behind in your mortgage or HOA/AOAO fees, perhaps there’s part of your home you could temporarily rent out. A separate living space? A second structure or ohana unit? What would an extra $1000 or more per month do for your present situation? Maybe you’d have to get a roommate in your main living area — it may not be ideal, of course, but it may help smooth things out for a while.
Could you even downsize or move in with family elsewhere so you can rent out your place entirely? Be sure to understand Hawaii landlord laws regarding lease a place that’s in danger of being foreclosed upon (we’re not attorneys and this is not legal advice), but broadly speaking – would this arrangement help?
You should also check your insurance policy to ensure that the rental of rooms is allowed and won’t raise your rates too much. Taking quick action by getting a roommate to help with bills is another way to stop foreclosure in Hawaii.
Inventory
Take inventory of all your items. Desperate times call for desperate measures, and it may be time to do a bit of liquidation. If you face foreclosure in Hawaii, a quick fix to stop it is to sell some of your other assets. It’s better to act quickly and allow yourself time to find the right buyer because no matter what the value of an item is on paper, it is only worth what someone is willing to pay to you right now — house, baseball card, you name it.
Taking this route to pay off your mortgage arrears and save your home may be painful, so many homeowners first attempt to withdraw funds from less sentimental assets, such as savings accounts, 401k’s, or other property. Borrowers must sometimes sacrifice even their family heirlooms and cherished possessions to resolve their financial woes – we didn’t say it would be easy. Before cashing in all your prized possessions, do your homework to be sure you receive the most value for your belongings.
Solution
Want to end your foreclosure worries today without selling everything else you have or watching your credit get tanked? You can stop a foreclosure in Hawaii in its tracks by working directly with us at Oahu Home Buyers. You can sell your home to Oahu Home Buyers who can solve all your foreclosure problems – we’ve been doing it for years. Oahu Home Buyers buys houses in Hawaii as they are, so you don’t need to worry about making repairs or even cleaning up for showings — “as is” means “as is”. You can simply pack up whatever you want to keep and walk away, leaving the rest to us.
When you meet with a professional representative from Oahu Home Buyers, they will walk you step by step through the offer, ensuring you agree everything is fair. Oahu Home Buyers uses simple, straightforward contracts that are easy to understand. Oahu Home Buyers doesn’t charge commissions and has no hidden fees at closing. And Oahu Home Buyers pays in cash, making the process extremely quick if the situation requires it. In most cases, you can close in a matter of a couple of weeks! And if you aren’t ready to move right away, Oahu Home Buyers can work with you on the closing date – you tell us what you need. Oahu Home Buyers makes it easy, handling everything with our in-house professionals from every walk of the real estate industry. Just call Oahu Home Buyers at (808) 333-3677 or send us a message to learn more.