Is A Mortgage Modification For Me?

There are more and more homeowners of ALL income levels struggling to make their payments.

They are not able to sell their home without a significant loss.

For some people $10,000 is a lot of money to shell out to sell their home.

Others it’s $100,000. Quite a few homeowners would need somewhere betweeen $200,000-$500,000.

This year we are starting to notice it’s well over $500,000.

There are 3 options,

1. Short Sale, bank and homeowner settle the difference between what is owed. Most cases it’s $0 contribution from the Homeowner.

2. Mortgage Modification, the homeowner is qualified based on income, assets and debt. Few qualify. Few stick with the modified loan.

3. Foreclosure, homeowner walks away from the home. Bank reposses. This is costly for the bank. High credit and deliquency cost to homeowner are long term.

The solution is to take a few minutes, remove all distractions and have a conversation with yourself.

Ask yourself, “Is This Mortgage Working For Me? Is It Helping Me Leverage My Future? Is It Manageable?” Answering these few simple questions directly with your self and/or spouse can save a lot of time & money, & STRESS.

Also, spend time thinking about new ways to generate income. There are really good business people out there making money from just a computer out of their bedroom. Here is a link from someone who did just that, Click Here

He talks about starting a business based on something you already know…maybe it’s your current experience with a toxic mortgages? You want to educate and help other homeowners in your situation. Maybe you just want to move on from this and you have something else you know really well? This system will walk you step by step into your new info business.

Basically, we notice that homeowners facing these situations tend to focus on debt. It’s understandable but, not going to help. Check out a new way of doing business and making income with barely any overhead costs.  Use the answers from your questions about your mortgage to take action, move foward and add to your income.