Viki Benbow - The Real Estate Huntress: Where do you turn

Okay, you have one of those loans……your payment’s gone up……your loan balance is higher than your house is worth…..what do you do? Where do you turn?

A lot depends of the type of loan you have. If it’s the loan you used to buy your home, (Called a purchase money loan) it usually makes a real difference. However, if that loan is actually two loans in the form of a first and a second, then a lot depends on what type of loan that second is. Is it really a line of credit secured with a deed of trust to your property? If so, they have different rules for debt collection than a true second. It the loans that are causing you this heartburn were placed by refinancing, it can really complicate things even more. Are you really confused and overwhelmed? You’re not alone. Again, where do you turn?

It's really important that before you make any decisions you truly know what you are dealing with. It is also important to know what outcome you would really like to have. If you could waive a magic wand and fix the loan, would you like to stay in your house? Or because you feel you are so far upside, you just want out? Or, are you needing to move for work or other reasons, but find yourself not able to sell? Are you thinking about just walking away out of frustration? Are you considering selling with a short sale? Are you aware of the possible tax and credit consequences of either move? And have you considered whether or not your best course of action would be bankruptcy?

I am here to offer you a trusted haven to sort things out. Eric Hogue will tell you, before I make any recommendations, I’ll counsel with you, asses your situation, and offer suggestions that I feel are in your best interest. Point in fact, during the last year I have actually helped dozens of clients find solutions without selling. I am willing to spend some time with you with no strings attached to help you find the right solution for you. So give me a call at 973-4532. Let me put my 39 years of experience to work for you and prove “experience is not expensive, it is priceless!”