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Hopeful options for struggling homeowners in Wisconsin

Some say the things we fear most in life almost never happen. You can likely think of a thousand scenarios where such a thought would be quite comforting, so long as it's true. While it's not always possible to avoid worst-case situations in life, it's true that many problems appear like major obstacles at first glance, when in fact, with a fresh perspective and available options, things may be more fixable than you initially thought. This is especially true regarding financial crises. 

The good news is that most financial problems are not permanent. It's often a matter of identifying the specific underlying cause (or causes) of a particular situation, determining what types of actions may help resolve the issue, then tapping into available resources to get things back on track. Even a serious situation, such as threat of foreclosure, doesn't necessarily mean you're without options. 

Ways to keep foreclosure at bay 

Have you ever known someone who chooses to deal with problems by pretending they don't exist? Perhaps you've swept a few things under the rug on occasion yourself. Rather than ignore a foreclosure threat, which never does any good and may actually make things worse, consider the following ideas as alternative ways of dealing with financial crisis: 

  • Lenders want to avoid foreclosure too. When you're unable to meet your mortgage payments, contact your lender and discuss the situation to see if an alternate payment plan is available.  
  • If you tend to treat credit like cash, restructuring your spending habits may lead to savings that may also provide funds to make payments on time.  
  • Take stock of all your assets and determine if you can sell anything to generate more funds.  
  • Learn about the ins and outs of the foreclosure process in Wisconsin. Lenders must adhere to the rules.  
  • Do you know your rights as a mortgagor? If you answered, "No," now may be a good time to do some research on the topic. You can protect your rights if you don't know what they are. 
  • Certain types of bankruptcy and other debt relief options halt the foreclosure process in its tracks. While you may feel worried and overwhelmed by the possibility of losing your home, don't despair! Explore any and all options available! 

The bottom line is that you are not the first homeowner in Wisconsin to face serious financial crisis or threat of foreclosure. You also will likely not be the last. If you talk to people who have successfully overcome similar obstacles or have helped others to do so you may be able to find a path that leads to immediate debt relief and eventually, restored financial stability.

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