Taking Action Gives You Power
Action – (ˈak-shen) (noun) – an act of will: a thing done:the accomplishment of a thing usually over a period of time, in stages, or with the possibility of repetition
Many homeowners are having trouble making their mortgage payments and are stretched financially to the point that they are just one “life event” away from foreclosure.
Many homeowners who are “upside down” on their mortgage opt to simply walk away from their home and allow it to foreclose. This is not wise since it has repercussions beyond just your credit.
The Most Difficult Step is often the 1st Step. Most people fail to take it and end up losing their home under the worst of circumstances.
It is extremely important to Have a Plan and do something NOW so that you can Take Back Control of your life.
Be Realistic as to your ability to make future payments.
In a Loan Modification, the Lender will not erase your debt or reduce your payments to low levels just because you think they should.
If you want to keep your Home, you need to negotiate a workable solution that will allow you to catch up on missed payments and continue making payments at a rate and amount that you can actually afford… It Must Make Sense for you and the bank.
If you find that your income does not balance out with your spending, you’ll have a better idea of what you need to do and consider a Short Sale.
In these situations, Banks are often willing to Accept Less than the Full Amount Due. In many cases, the short sale offers a much better option and provides a win-win for the lender and the homeowner. You can Walk Away From the Debt and purchase another home usually within 3 years at much lower prices.
No matter what direction you decide to take, it is imperative that you Remain Focused and Disciplined. Your Calm Persistence will pay off in the long run. Time is short and not on your side.
By being Proactive you will be able to Control Your Destiny and make a bad situation into one that you will be able to quickly bounce back from.
TAKE ACTION NOW!
Step 1: Are You Upside Down
Step 2: Know Your Options