So You Owe More Than Your House is Worth

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What if you owe more than your house is even worth? Thats right, its out there and your not alone. In today's market of high foreclosures and credit rejection, more and more people every day are reasoning the same thing as you: "What should I do?"

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There are a few separate types of people out there currently.

1) The someone who just flat out can't afford the cost anymore due to layoff, divorce, Arm loan, etc.... Than there is the other type of person.
2) The someone who can afford to make the cost but determine not to because they owe more than their house is worth. (called upside down)

No matter which kind you fall into, you have some options. You also have some consequences as well. We all have separate reasons for falling on hard times and they not only effect you, but many others as well. Lets go straight through the options of each type of situation you may have fallen upon.

If you are in the first kind of not being able to afford your payments anymore, there are a few things to try. Some of them may work and some may not, but you will need to try all of them to best your situation.

1) One option is to figure out a way to afford your current payment. You could try:

a) Find a renter to share the cost with you.
b) Get a second or part-time job.
c) Go straight through your finances and cut out unnecessary spending.

2) an additional one option is to try and make your cost afford you. This has been under the radar to the median someone and can be of vital help to someone in trouble. What to do? Just ask for a lower payment. I know this sounds absurd, but banks are doing it all over. I know because I have seen it first hand. With banks hurting right now, they are wiling to negotiate with you a lower interest rate, increase your Arm, fix your payment, work out a cost plan, or in some cases get rid of some vital all together!!

Your asking why would any bank do this? The acknowledge is that it can cost anywhere up to ,000 to the bank to foreclose on you. They want to avoid this at all costs, even if they don' t seem to want to cooperate. What is ridiculous is some banks wont speak with you until you have missed a payment. I propose speaking to the bank first. Try it, all you have yo lose is a phone call.

The second type of someone who can afford it, yet are reasoning of cutting your losses, Dont Do It! Heres why.

1) First of all your home may be worth less than you owe today, but it will come back. How long do you have to wait? That could be anywhere from 6 months to 6 years, but I would hope closer to the 6 month mark.
2) Second is an issue of credit. With a foreclosure lasting on your credit, some lenders aren't wiling to give you a loan for the next 7 years. That can hurt just more than a home loan. With a lower score and more guidelines everyday, you may not get a car, credit card, personal line of credit, etc...

If you are in this boat, try the steps above to try and afford the cost or turn it. This will be within your best interest in the future.

In conclusion, if we try to avoid letting our homes go into foreclosure, we can hopefully best the situation of our cheaper in the long run. This not only will benefit you, but your neighbor and the cheaper as a whole. These are tough times and the best thing to do is ride it out the best you can. Work for it instead of waiting for someone else to help you. Be a part of the solution. There will be brighter days ahead.

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