This Too Shall Pass

December 9, 2011

Foreclosures, Mortgages

You have exactly four options if you are underwater on your mortgage.  They are as follows:

  1. Modify your loan (hopefully it is not serviced by Fannie / Freddie)
  2. Attempt a short sale
  3. Stay and pay
  4. Walk away

And that is about it.  Of course, if you live in a very desirable area, you have a good chance to sell your property to a foreign investor looking for a visa.

But that is really like looking to make a Hail Mary your bread and butter strategy in your playbook.

There are some very good reasons to adopt any one of the strategies listed above and it is good to remember that there is no shame in opting for any one of them.

The only people involved in what makes your decision “right” is you and your family.

If you are in the position of having to choose, you are intimately aware that the old adage “nobody is going to pay my bills, so why should I care what they think” is alive and  well.  It is also very, very true.

Whatever you should decide to do, do it.  Lay it out for yourself on paper and make a decision.  The very fact that you have done so will eliminate a lot of stress in your life and provide you a feelling of progress.

The Buddhists say that we have never arrived.  That we are forever entering into and exiting from stages in our lives that may be considered good or bad.  It is time for your to begin to exit the current stage.

You are American.  It is in our DNA to pull up our boots and march forward on our own two feet.

You will find you are better for it, once you have made the decision to do so for you and your family.  This too, shall pass.

Appraisal Source is a New York based residential real estate appraisal firm. Their highly-qualified appraisal staff of New York City and Long Island appraisers provide independent residential real estate appraisals for a variety of purposes.

Here’s the original article…Mortgage underwater? Here’s how to stay afloat

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