Many of us were brought up thinking that you had to own a house or that your name has be attached to a mortgage note for you to have that sense of homeownership and feel secure. Well, what about if your house is upside down? Do you still feel that way? Of course not! And if you do… then you shouldn’t. I can’t tell you how many clients that I’ve had that are embarrassed by the fact that their house isn’t worth what it used to be or because they got laid off as a result of the economy. Guess what?...It’s not your fault that the economy is what it is and if you lost your job due to company cut backs then that’s not your fault either. We have to let go of those old beliefs that have been instilled in us by our parents and the old ways. This is a whole new America we are living in and we really need to start thinking differently about things and homeownership is one of them. If you’re struggling to make the payments on a 350k mortgage on a house that’s only worth 150k in today’s market. Are you really doing the right thing for you and your family? Don’t get me wrong, I’m not recommending to anyone to stop paying on your mortgage. As a matter of fact, if you love where you live and you can afford to keep paying it even if your house isn’t worth what you owe, by all means keep doing what you’re doing if that works for you.
I’m talking about a much larger group of people who are really struggling to keep there house, people that are currently going into there savings account to pay their mortgage because they don’t want their neighbors to know that they’re having financial problems. I say screw the neighbors!! You have to do what’s best for you and your family. If you’re not behind on your mortgage but you know that you’re about to be then you should definitely start talking to your lender about your situation and see if they can modify your loan. There are currently programs such as the “HOPE NOW” and the “HAMP” [home affordable modification program] that have been put in place by our government to help people to stay in their homes by modifying their loans and making the payment more affordable. Don’t wait until you’ve gone through all your savings before you try to do something about your situation. In some cases we’ve even been able to reduce the principle balance owed by up to 50% for clients that qualify.
Also, If you really don’t care to stay in the house that you’re living in another great option for you is to do a short sale on it and move on with your life. When I meet with a client for the first time, they will almost always have this misconception that the bank will come after them for the balance of the original mortgage. Once I explain to them that we are able to do the short sale with no promissory note attached and sometimes even get them cash back at closing, they get a look of total relief on there face which makes me feel absolutely great!
This post is dedicated to people out there that are struggling with there beliefs when it comes to homeownership. It’s a different world we live in today, a world that you can’t allow yourself to think that you are defined by what you own or what you don’t own and especially what your neighbors think. You have to be realistic and start thinking in a different way so you can move forward in a way that is going to benefit the future of you and your family. I hope this was helpful to and as always call me anytime for a free consultation 407-902-7749.
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