Option #2: Borrow money from family or
Many are too proud to ask friends &
family for a loan, but if you’ve made it this far into the
foreclosure process, the fact is that most of your alternatives
are much worse for your future. Think about it, your family and
close friends may be inconvenienced by this, but wouldn’t they
rather see your healthy survival than not loan you some of
their savings? If not, you’ve got to ask yourself how good of a
friend or family member they really are.
If you have this option, take the loan as
long as there is little or no interest. All of your other
options really are worse than this one, as this one only
affects your pride, and others affect your future financial
One word of caution: If you know that you
won’t be able to pay them back by a certain date, be completely
honest with them and proactive enough to tell them so. Open
honesty is the ONLY policy for choosing this option.
Low or No interest rate, flexible
payback period. Your neighbors stay uninformed.
It is another loan on top of your
existing loan, so it really does hurt you more than help
for the long run. Plus, once again, your credit will still
retain all the bad items up to date. Also, your whole
family will surely know about this, so you’ll be taking a
large hit in your dignity.
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