How to Change Your Life to Avoid Foreclosure

How to Change Your Life to Avoid Foreclosure

Getting that official notice that your home is in foreclosure is a difficult pill to swallow. Foreclosures in NYC have been on the rise since the 2008 housing crisis. Unfortunately, real estate in New York City has been harder and harder to procure. One of your best options for owning a great home in NYC is to keep the property that you already have. Property values will likely increase over time, offering you more assets. If you want to save your foreclosure after an official notice, you will have to make some life changes.

Budget, Budget, Budget

In order to save your foreclosure, you will have to take a hard look at your budget. All unnecessary spending besides fixed costs will have to be cut out. Often take cabs? Stop taking the cab and take the subway instead. Love NYC cuisines? Buying at the local market and eating at home is now your friend. Set a zero-based budget, which means you tell every penny you make where to go, and tweak it monthly.

Pick up More Work

A surefire way to have more money is to make more money. While your full time job may not be offering raises, to save foreclosures NYC it is a good idea to pick up extra work. Luckily in NYC you can literally do anything you love and make money. Playing music on a crowded street, selling paintings at a street fair, dog walking, and any other money making idea is fair game in this world class city. Make it work in your favor. You should be earning at least 75,$000 if you live in New York City, and at least $45,000 if you live in Brooklyn. One of the main reasons foreclosures in Brooklyn have been on the rise since 2008 is because of the major defect in employment and opportunity.