IF, WHEN & HOW TO SELL YOUR HOME
DUE TO A FINACIAL HARDSHIP
You're are not alone.
Many homeowners have been in similar situations
where privacy is preferred.
After they spoke with us, they felt more at ease about the process.
Let's take a closer look about Real Estate in a financial hardship.
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FIRST THINGS FIRSTGather Information, ThenMake Informed Decisions.
* Assess the situation * Short or Long term * What are my options * Getting out of debt
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ASSESS THE SITUATION
Finacial hardships sometimes happen suddenly and is unforseen. In most cases however, they happen over time, and eventually come to a point where major decisions have to be made. The most important part is to get real about the situation, identify the causes and then the plan of action to reverse and or eliminate it. Don't beat yourself up over it. Talk to the right people, take action, and get a fresh start. It could save yourself and your loved ones a lot of stress.
Which stage are you in?
1. No missed bill payments yet 2. Less than 6 months cash in the bank 3. I have started missing some bills 4. My credit cards are max'd or close 5. I wont be able to pay my mortgage soon 6. I am in foreclosure on my home
You may be in one or more of these stages now, and you may have already been contacted by creditors trying to collect. Or, you may not be there yet, but if something does'nt change it will happen soon. Wherever you are, take action today and stop the decline. |
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SHORT OR LONG TERM?
You must be honest with yourself here, in order to put the right plan of action in place and get back on track to financial stability. Otherwise you are just delaying the inevitable and when it comes later it will be much worse. If this is in fact short term, define that, 2 to 3 months or 6 to 12 months? This depends on what your reserve accounts look like. How much cash reserves you have in the bank ( not credit card limits ) divided by your negative cash flow each month. Most americans have less than 2 months cash in the bank. Short term setbacks can usually be dealt with by keeping your bills current from you reserves or making additional income with a second job or making some expenditure cuts in descretionary spending. If you are at the stage where you can't ( or won't be able to soon) pay for the necessities without going further into debt, i'ts more likey permanent. Now you need a reliable , realistic plan with some expert help.
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WHAT ARE MY OPTIONS?Depending on where you are in the financial hardship, your options change. What doesn't change is you need to get help. There are plenty of free assistance places you can contact. Most are paid for by the local, state or federal government. They will assist you in evaluating your financial situation and put a budget in place to get you back on track. Other organizations work with the government and work with creditors to eliminate the debt by settling the accounts or reducing the interest rates and put you into a payment plan. These organizations do charge a fee so you have to understand how they work. You can contact us for more information on those places. If however you are past that stage and your house may be in danger, you have to take more decisive action. Because of the rising home values, most homeowners have a lot of equity in their homes. Don't allow a foreclosure to happen and wipe out all the equity built up. If you have bad credit or declined income, you may not be able to access that equity because if you can't qualify for a loan. This forces either a sale of the home, bankruptcy or friends or family to stop any foreclosure. You really need to talk to professionals at this point to get accurate information. Bankruptcies have rules to qualify, so don't leave that as a last resort and find out you can't. When it comes to protecting your equity, you need to talk to a real estate agent you can trust. Remember, if you are being advised by someone where they have a financial benefit if you follow thier advice, make sure it's unbiased. I'm not saying it's not the right or only course of action, just make sure it's unbiased. |
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GETTING OUT OF DEBT
Handling finacial hardships alone can be stressful. People respond differently to these stressful situations. It's not a matter of right or wrong, it's just that people are all different. For some they just want a clean break and a second chance to start over. They don't want to deal with long term credit recovery plans or bankruptcies, they just want it to stop. This is where timing may be in your favor for now. Home values are still high and there is equity that can be used to solve the problem. Just how you go about that depends on who you reach out to, and where you get your information from. Most people are already on google or you tube, but be careful. If you are not talking to an expert unbiased person, you could be getting the wrong advice. |
We have helped many homeowners over the years in financial hardship situations.
Some wanted to cash out and move on, while others wanted to stay in their homes.
In either case we have the background and expertise to help you make an informed decision.
You can call our private line now at
951-833-8925 and we'll be glad to chat with you.
All conversation are
100 % confidential, and your iformation is not shared or sold to anyone.
We Take Our Privacy Policy Seriously.
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Drop us a quick note below,
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