Can’t Make Your House Payments? Don’t Move Out!
There are only two reasons to move: 1) Job transfer.2) Medical problems that make living in the house unrealistic.
Some owners feel if they can’t make the payment, they should leave. In reality, that doesn’t help anyone. It’s not like the bank
can rent it out and re-coup some money. They can’t because they don’t own it. You’ve heard the stories – it can take a year to actually foreclose your house. And there it sits in the meantime, vacant, and you pay rent.
Stay Put! It’s a bad situation all the way around, but don’t make it worse. Use the time to plan and re-group. Use the “extra” money from not paying your house payment to pay down high interest rate credit cards and catch up on other bills. At the same time maintain the house and yard. Get the house on the market to find a buyer. Cooperate with the sales effort by keeping the house clean and available for showings on short notice.
Have your short sale packet ready to go, updating it monthly. Go to your bank’s website and root around for the short sale information. Most banks have a list of what they want to see.
It’s sad that you are upside down and it’s come to this. But don’t panic and move out – it is not in your best interest. Contact me if you want to talk. Confidentiality is promised.