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Tuesday
Aug172010

Prevent Foreclosure: Take the emotion out of your decision making

Do you want a nice house?

If you notice, I didn't ask if you want to keep your current property. Often it is easier (more practical and economical) to sell the current property and purchase a different one at a lower price. In this economy, you can probably get the same quality or better because prices have dropped a lot.

OK, OK, now I will ask the question…..

Do you want to keep your current property?

Obviously, the decision of whether to keep your current property or not has immediate importance. When you examine your circumstances and the possible solutions, it is recommended you consider this solution in conjunction with your alternatives. If available solutions allow you to afford your current property, then great, you just hit a home run.  However, if the cost requires you get a second job or you need to scrimp and save everywhere else in your life, then go for it IF that scenario is best for you and your family.

However, if keeping your current property means being forced onto a diet of Top Ramen Noodles or instant macaroni and cheese; if it means you won't be able to afford vacations, auto repairs or clothes for the family, maybe you should take a closer look at other alternatives.

“I spoke with one gentleman who wanted to keep his home of 2 years that was worth less than 70% of what he owed the bank. To make matters worse, his job changed and he had a 60-mile commute (one-way) through urban traffic to his new job. The family had become very “attached” to the house because it was new and they spent a lot of time and money customizing it.”

What do you think he should do in this situation? 

Clearly, he would be better off financially if he sold the property through a short sale. But, should he base his decision on his finances or on his emotions?  What would you do?  Would you keep it or sell it?

Loan Mods, Why short sale may be a better option for you

Do you have your copy?

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