Interesting concept to help home owners with upside
mortgages, Maybe it can work in Florida as well, I’ll have to follow this one
and keep you informed.
Tad
Wednesday, July 18, 2012
Wednesday, July 11, 2012
Is your upside down mortgage dragging you down?
I have had many discussions about
foreclosures, short sales, upside down loans, overdue credit cards bills, and
the ethics of stopping payments on a mortgage and indeed bankruptcy with
many friends that have found themselves in this unfortunate situation.
The few friends that have made the decision to move forward without the excess
baggage of debt and the fear of their own ethical and financial demise have
described almost a feeling of weightlessness once that decision was made to
move forward. Those who haven’t seem to be in a stagnate state of their life
going nowhere. It is very difficult to move forward with your life
and begin the journey of rebuilding try to travel a path to your goal of
financial freedom if the path is strewn with excess baggage.
Some thinks to consider:
- Prices are on the rise,
but you may not be rising quickly enough to help you soon enough
- The clock is ticking –
both on your recovery and on the tools that are here to help you
recover. The sooner you get rid of your baggage the sooner you
can begin recovery. At the end of this year the Mortgage Debt Relief Act of 2007 will
expire so you need to get your house listed as a short sale now.
- There should be no shame
or ethical dilemma. Get over it. Yes, I know you were brought up to
always keep your promises, but if the bank was only counting on your
promise they would not have asked you for a mortgage (A document that says
of you can’t keep your promise they can look to your house for resolution).
- You are not in a very
exclusive club and there are many members
·
Get your head out of the sand, regain your pride, and move forward
- Get an appraisal or BPO
on your house so you are not guessing how much water is above your head.
- Upside down on your
house or know someone who is? Now is the time to list your
home!!! Contact West Coast Realty to discuss your options.
I am not an attorney and cannot
and will never give legal advice. Any one in a tough financial position should
always consult an attorney.
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