Now I realize that there is usually an
emotional attachment to your house. For many it is more than sticks and mortar
but the place where families were raised and memories made. But let’s face it,
didn’t you make memories in the previous place you lived as well?
Now I would never encourage someone
to stop making the payment on their house simply because it is worth less than
what you paid. Let’s face it, you borrowed the money, you have an obligation to
pay it back. There are times when we lose money on Real Estate, but if you are
truly struggling to hang on to your house when it is 20, 30 40 or even 50% or
more upside down you have to be asking yourself, does this really make sense?
The numbers are simple. Under normal appreciation if you are 20% upside down it
will be 10 years before your house is worth what you owe. 14 years if you are
30% upside down, 18 years if 40% and 22+ years if you are 50%. Heck in most
cases you will have paid the property off and it will still be worth less than
what you paid for it. That’s crazy if you ask me.
Right now you have a small window of
opportunity to get out from under that over encumbered property, owe nothing on
the unpaid balance, avoid paying income taxes on the debt forgiveness and get a
fresh start financially – even buying again in as little as 3 years.
If you are truly struggling to make
your house payment, does it make sense to do so for the next 10 - 20 years just
to get to zero? That sounds like a prison sentence to me and really,
financially it is.
To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info
for a free estimate or call me today for a free no obligation consultation or
for the latest West Sacramento shortsale information. Call me
today and sleep better tonight; you’ll be glad you did
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