STOP Read this before you sell your home

I have come across so many homeowners that are ready to sell their home and buy a new one because of the current housing crisis.

There are so many people who currently owe more than their home is worth. Does that mean you should sell it? Not necessarily. The home values will go back up again and you will no longer owe more on the home than it’s worth. You should sell if:

1. You’re moving to a new area.
2. You can make a decent profit on selling your home.
3. There is no way possible to maintain your mortgage payment and you’ve already tried loan modification.
4. Your home no longer fits your current family composition and or lifestyle.

But don’t abandon it and let it get foreclosed on. Owning your own home is still every Americans dream, so don’t just give up on yours without a fight. There are several alternatives to losing your home.

For example: I know a guy that had to move out-of-state due to a family emergency. He could no longer afford his current mortgage payment because he had a household to maintain out-of-state. He was going to abandon his home and let it get foreclosed on.

I advised him that before he allows that to happen, I could try to help him. I called his mortgage company to find out how bad his situation was. Luckily he was only 2 payments behind and not nearing the foreclosure process yet. They told me that if he can just pay something on it during the month of October that would keep him safe for a little while.

I talked to him about allowing me to find a tenant for it and managing his home since he lived out-of-state.

I found a tenant for him within a week (which the rent amount will cover his mortgage payment) and I’m going to manage his property for him and pay the mortgage monthly with the rent that I’ll be collecting from the tenant.

There are several other viable solutions to just allowing your home to get foreclosed on, research to see if you can find an option as opposed to foreclosure.

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