If you are a single parent who is facing losing your home, the following tips will help you to avoid foreclosure.
One alternative is to rent out a portion of your home or get a roommate if the money received would be enough to make up your financial shortfall each month.
If you have a temporary financial setback and still have a job, consider getting a second job to get you through the crisis. You may be able to find opportunities that allow you to work from home such as freelance writing, or keeping books for a company since you may not be able to find childcare at the hours you need.
Do you have items that you can sell? Maybe you have some jewelry you no longer want or other items that are just gathering dust. You may be able to raise enough money to make a house payment if you get rid of stuff that you can live without.
Cut any unnecessary expenses. A home phone is not necessary if everyone has cell phones. You can still dial 911 from a cell phone even if you discontinue service. Cable TV can also be done without for a time. Look through your budget and be ruthless. You may find enough fat to trim that will give you enough to make your payment.
Be leery of offers to buy your home from investors. Have an attorney review any documents before signing. While legitimate investors do exist, so do many scammers. You could find yourself renting your house for an exorbitant cost instead of owning it.
Investigate whether government agencies can help advise you. HUD (United States Department of Housing and Urban Development) has counselors that can explain relevant laws to you and will help you to create an action plan. Due to the foreclosure crisis, other sources of help have been created in some locales.
If you take the right steps, you can avoid foreclosure in many cases to avoid the negative effects on your single parent finances even if you ultimately do not stay in your home.
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