I try to focus on the positive in my Blog, but I also don't want to bury my head in the sand to the negatives and realities facing homeowners. Yes. One comment posted my blog says "Why keep paying on a house that's going under?" Another says "Walk Away"... which means either Going Short or Foreclosure. That's the rub for many homeowners; Creating the disconnect between Ego and Emotional attachment to their home versus a pure analytical evaluation. It can be very difficult to face the sinking ship. For many, this is your home, your identity, your life, the place where your kids are growing up, your neighborhood, your friends. It's an emotional tie that you just don't want to give up regardless of the cost, and the optimist says that values will rebound...some day. ON THE OTHER HAND; Screw it. I'm upside down by $400,000 and my adjustable loan just doubled my payment. I'm negative, in the hole, no equity and paying two to three times the mortgage payment versus walking away and renting. And that's what many are doing: Walk away, rent, know that your credit is history, and start saving. Reality is relative. My reason to pay the mortgage over credit card payments is because "mortgage lates" are far more damaging than credit card "lates." But, if you're going to go BK and get foreclosed on, your hosed on your credit anyway and you lose a piece of your soul. Wanna talk about it? 415-485-1776. http://www.ptre.net/, Pat Townsley, Broker with heart.
Saturday, June 28, 2008
Going Under, Walking Away, Foreclosure
I try to focus on the positive in my Blog, but I also don't want to bury my head in the sand to the negatives and realities facing homeowners. Yes. One comment posted my blog says "Why keep paying on a house that's going under?" Another says "Walk Away"... which means either Going Short or Foreclosure. That's the rub for many homeowners; Creating the disconnect between Ego and Emotional attachment to their home versus a pure analytical evaluation. It can be very difficult to face the sinking ship. For many, this is your home, your identity, your life, the place where your kids are growing up, your neighborhood, your friends. It's an emotional tie that you just don't want to give up regardless of the cost, and the optimist says that values will rebound...some day. ON THE OTHER HAND; Screw it. I'm upside down by $400,000 and my adjustable loan just doubled my payment. I'm negative, in the hole, no equity and paying two to three times the mortgage payment versus walking away and renting. And that's what many are doing: Walk away, rent, know that your credit is history, and start saving. Reality is relative. My reason to pay the mortgage over credit card payments is because "mortgage lates" are far more damaging than credit card "lates." But, if you're going to go BK and get foreclosed on, your hosed on your credit anyway and you lose a piece of your soul. Wanna talk about it? 415-485-1776. http://www.ptre.net/, Pat Townsley, Broker with heart.
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