Have you ever drove by a home that looked abandoned and unkept? The siding has faded and pieces are hanging on its last leg? With the increase in foreclosures, you very well may have seen some homes in that state and ruled it as common place. Entire blocks appearing as a ghost town in the wild, wild west. I bet that you rather it not be your home. But things happen and people who was once financially secure has found their way into a heap of bills forcing them to make immediate drastic changes. Before you give up and set it aside, think about the alternatives.
An abandoned home can be profitable for thieves who steal metal pipes, radiators and anything they can bring to the salvage yard, for extra cash. Making the home even more distressed and extremely dangerous. It also be a very serious fire hazard that any arsonist would love to set fire to, especially if they are involved in an insurance scam or a sweet deal with a scrupulous investor.
So what do you do with such a home? Well, if its your home that you want to prevent from the verge of foreclosure, you may want to consider asking for money to help pay for the cost of rehabilitation. This will at least give you a chance to sell your home to cover your expenses; in other words avoid a short sale. I’ve seen some websites where people ask the public to donate money for their personal cause. Crowd funding has become a brother’s keeper to many, giving a helping hand. It’s where you have to set your pride aside and spill your guts. Nothing too extremely personal, but you need to make the public concerned about your well being and the desperation you are in. Therefore, no “give me some money to help me fix my home”. because so many others are in the same situation. A better way is, “I need help making vital repairs such as plumbing and heating. I need to raise $xx to cover the cost.” Of course, be truthful. No one wants to help a liar.
Another option, if you qualify, is HUD Community Block Development Grant. There are some criteria that you must qualify for in order to get it. Typically it helps low income to moderate income households, to revitalize their homes and subsequently their neighborhood. Although they offer grants for various projects, the rehabilitation of your home may qualify for a low interest rate loan, which you pay back based on your income. It’s far better than getting a high interest bank loan.
Turning a distressed home to a beautiful home is possible with help from the public and the government. With both options there is a process you must go through and it takes time to receive the funds. If you have the time to wait, these two choices may be a better alternative than doing nothing at all. Seek and you shall find.