The legal proceedings initiated by a creditor, to repossess the collateral for loan that is in default. Yes that is what our dictionaries tell us it is. But how are we going to stop foreclosure which is looming on our horizons? Many people will advise to start by looking at your own expenses first.
In todays economic down turns it will be wise of you to start looking at your expenses in a serious way which will help you to keep your home, your car and your other big assets. If you have your creditors knocking on your door already, chances are that you are stressed and frustrated with your life and just cant see an outcome. It is of the utmost importance that you calm yourself down and start working on your situation in a relaxed atmosphere. Here are just a few rudimentary steps for you to follow:
Take a pen and paper and start making a list of all your major expenses you have each month. This would be your bond repayments, your car and your utilities and credit card repayments. Add them up.
Your next sum will be your taxes and insurance you pay on every month. Do not leave anything out as it is necessary to make a list of every single expense you have. Add this to the sum you put down in the column.
Now you can tackle the hard part. Your next list will be on the small expenditures you have like grocery bills, pocket money, cable TV, candy, gas, phone bills, internet connections and things that are deemed luxury items which you think you need, but just want in the long run.
Once you have added this total as well to the first and second totals, you will be truly amazed at just how much you spend in a month. You are no doubt spending more money than what you are bringing in. This is the bottom line. If you don’t do something drastically you will stand to loose all your possessions. Sounds harsh I know, but it is the truth.
Now work from the bottom up and start drawing a line through those articles or items you can cut back on. Really dig deep here, you can live without those frivolous things that clutter your life unnecessarily. Do this repeatedly until you have cut your monthly expenses to the bear minimum. This should give you a better picture as to what your expenses should look like in the future. Can you already save some money to pay to your creditors? I hope so.
Keep every receipt and enter the amount into a log book or expense book. Do this for several months until you have disciplined yourself to take an active role in reducing your expenditure every month.
Yes you can take your own steps to stop foreclosure, you need not panic just yet. Just sit down with your family and tell them that things will have to chance drastically otherwise that holiday is just a dream.
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