When some people are faced with foreclosure, they come up with some very creative ways to generate cash to save their homes. Let me tell you about one of the most creative ones I have seen.
A divorced mother of 3 experienced financial problems and fell behind on her mortgage payments. She owed her mortgage company $2,559.54 and had to have it to them by July 26.
She couldn’t raise that money quickly any normal way. However, she can bake. She decided that she was going to try to get the money by selling “Mortgage Apple Cakes.” She sold these for $40 each. Her goal was to sell 100 cakes.
Let’s see – 100 orders at $40 each. That is $4,000. That was more than what she needed to pay her mortgage company.
Her story was picked up by the news media. Do you think that when people saw it, they felt sorry for her? Do you think that they may have sent her a contribution? I bet that within a day of her story appearing in the news media, she had raised the amount she was short. Most probably it wasn’t only through orders for her “Mortgage Apple Cakes.”
How many orders did she actually get? She cut it off at 200. She generated $8,000 from the sale of those cakes alone. She also had to fulfill the orders. The general manager of a Hilton Hotel in her area offered her the use of the four large ovens at the hotel to bake the cakes.
An internet Site Bake Me A Wish saw the news articles about this lady. They have started to mass produce the “Mortgage Apple Cakes” and share the proceeds with her. Their website is www.bakemeawish.com. Go there and check it out. There is a link on the home page and they are selling the cakes for $44.99.
With the proceeds she got from the sale of the cakes she was able to pay her mortgage company the $2,559.54 she owed them. She was able to have her mortgage modified through the Making Home Affordable Modification Program. Her monthly payment dropped by 20% from what it had been.
If you are facing foreclosure and have to raise cash quickly, what type of creative idea can you come up with? It does not have to be through a bake sale. Maybe you and your kids could cut lawns. Maybe you could host a mortgage relief car wash. Pick something you find easy to do and just let the public know that you are doing it to raise money to save your home.
It will catch the news media’s attention and the results may be far better than you ever imagined.
Much Success,
Mark Elkins
July 17th, 2010 at 12:34 am
Since we’re on the topic of Stop Foreclosure Answer | Stop Foreclosure Answer, The value of most homes in this country has been consistently declining over the past couple years as we have been witness to the worst financial meltdown in recent memory. While this was happening, consumer confidence and buyer activity plunged and home sales at all price points have been sluggish at best.