Like HowStuffWorks on Facebook!

10 Ways to Stop a Foreclosure


7
Use Your Assets

"Cash for gold!" We all know the commercial suggesting you send in your old and unused gold for cash. If you're unable to make your mortgage payments, this might be something you want to consider. But don't stop with just your unwanted jewelry. Take an assessment of all of your belongings. Is there anything you're willing to part with that could make you some extra cash? Could you downscale to one car and carpool? That money you'll get from selling your second car could very well cover several months' mortgage. Is your guitar sitting in the corner gathering dust? If so, could you sell it or pick it back up again and start offering lessons at local schools? Taking steps to sell your belongings or even find new revenue sources will not only help you in the short-term, it may also help you in the long-term if you continue to miss payments; your proactive attempt to prioritize your spending and sell your assets could help build your case for keeping your home.


More to Explore