Well Lord willing tomorrow turns another page in the life of Elgin Walker.  I say Lord willing because tomorrow is never promissed.  A lot of reflection for me lately.  Its funny the turns life takes, and its funny when you look at from "older" eyes of wisdom or from "outside" yourself than in the moment.  Amazing I was only child that was very independent, but never relied upon. Since I've been married, and a father every decision, every breathe, I have TRIED to put my family first, tried to be someone my kids could use as a good example.  Its funny how we turn into our parents or enviroments as we get older.  Amazing the good, the bad the ugly.  The trimuphs, the mistakes.  The best job in the world being a father and husband.  The hardest job in the world being a father and a husband.  WOW look at that statement!  Funny a forum like facebook lets you put things out there which has the possibility to stand a test of time. The notes we write, posts we put, the music we select. the comments we make.  Do you ever look at your body of work (life)?  I do much much more than I did.  Hopefully upon reflection there is growth.  I see some in me.  Probably not as much I would like but progression.  Progression as a man, as a citizen, and hopefully as parent and husband.  I want to thank my parents for giving me this thing called life, showing me great examples, being there for me and molding me.  I WANT TO THANK MY LORD AND SAVIOR JESUS CHRIST.  You know my heart, and I hope more times than not I make you proud of me as I am of you!  God bless all of you that take the time to read my reflection (or babble).  May you all see another day, and growth in yourself.  TIME TO BE ME!  God Bless

This is an attitude that I run into more than I wish.  I understand were people are coming from too.  I am speaking about the person that would prefer to stay in their home.  The person that has tried to refinance, tried to do a loan modification, and for whatever reason it was not successful.  This person has been beaten down by the process, beaten down by things in "life" and just wants it to end and start from scratch.  Here is the reason YOU DONT WALK AWAY.

First I want to say sometimes there ARE reasons you should walk away OR have no other option, but those aside.  Short sale is the better option.  The first reason is one that you just have to believe.  The belief is YOUR SITUATION WILL CHANGE.  As you have had some challenges in your life, you will have some upswings as well.  As the economy, the real estate market, the job situations have had down turns, they will have upswings, AND just because the situation is bad for SOME, doenst mean it is bad for ALL, and that trend is ALWAYS THE CASE NO MATTER WHAT THE OVERALL SENTIMENT IS.

You do not want to have a situation from your past continue to become part of your future.  What if you walk away because your income right now is not sufficient.  You feel as if you will never purchase another home anyway because right now you are unemployed.  What if you get a job later that is makind decent money (not a windfall) and you are paying rent at a price that would be the same as a mortgage payment.  Lets assume FHA is at 3.5% downpayment still so a piece of property at $100,000 is $3,500 down.  That is the same as a first and last in alot of places.  You would qualify for this program except for one small thing.  YOU HAVE A FORECLOSURE ON YOUR RECORD!  Now lets assume during the same circumstances you didnt walk away and you had a successful short sale completed.  Do you realize in most cases approximately 2 to 3 years from the time of your short sale you would be eligible for the same FHA program? 

Lets forget all of the reasons regarding it is better on your credit, you possibly can get some relocation money through a program, in most cases it is BETTER on your tax situation.  There are 10 to 15 other reasons that are logical why you short sale instead of walking away, but to me the biggest reason is:

LIFE IS GOING TO CHANGE, AND YOU ARE GOING TO HAVE OPPORTUNTIES IN THE FUTURE AND YOU DO NOT WANT OLD BAGGAGE TO HINDER YOU FROM FUTURE OPPORTUNITIES.  Okay there you go.  If you would like a personal FREE consultation on your situation give me a call or go to our site www.thewalkerteam.info WE LOVE TO HELP PEOPLE!

Speaking with agents in my office and networks properties that are bank owned ARE COMING TO THE MARKET! Alot of people are on the fence regarding whether or not loan modifications will work, should they short sale or not, the ramifications of walking away from a property.  This blog I want to discuss the standard seller and SHOULD one sell in this market or not.

If you are considering moving and have equity in your home lets take a look at the REASONS you are considering moving.  Are you looking to move up either in size of home or a more desirable neighborhood?  Are you thinking of selling, renting your next place and looking to purchase at a later time or never again?  Is renting out your property an option?

Each of these options are common, and the answer will depend individually on your personal situation.  There are a couple of things though you really need to keep in mind as you determine if selling is something you want to do.  The first thing to me is protecting the equity you have remaining in your home.  If your property was worth $500,000 a few years ago, but is worth $300,000 today, you have to forget the days of $500,000.  The time is gone.  You should have sold then, but did not.  The biggest threat to your equity now is procrastinaiton.  Why do I say that?  YOU DO NOT KNOW WERE THE NEXT FORECLOSURE, SHORT SALE OR DISTRESSED PROPERTY IS COMING IN YOUR MARKET!  The  one thing you can count on is.....IT IS COMING!  You have neigbor right now behind on payments, in a loan mod that will not work or a bank that has foreclosed on a home in your neighborhood, but not put it on the market.  THIS  IS HAPPENING IN YOUR NEIGHBORHOOD RIGHT NOW!

If you have the ability to rent your property AND ARE WILLING TO RENT IT FOR THE LONG HAUL, then that is a good option.  Note though your property will most likely fall in value further....bottom out and then have a long time for any real appreciation.  What do I mean by that?  Well if your property was worth $500,000 3 or 4 years ago, is now worth $300,000...odds are you probably will continue to fall in value.  How much?  Who knows, but point is HOW LONG BEFORE IT GOES BACK TO $500,000 OR GREATER?  Will it ever?  Probably, BUT what if it takes 10 years or 15 years?  How old are you?  Lets say you happen to be 45 years old.  Are you prepared to stay in that home or own that home until you are 55 or 60 years old for the POSSIBILITY it may go back to $500,0000?  Is that a smart gamble?  The answers are going to be different per individual or family.

These are questions and options you should speak with your real estate professional about. If you do not have a real estate professional, call or email us. We would love to INTERVIEW for that position.

What?  A notice of default?  How can that be?  My loan modification is in process!  They told me I am a PRIME candidate. I was told NOT to pay my mortgage to show a hardship to get the loan modification, NOW I am told since I am BEHIND on my mortgage I don't qualify!  Wait they told me to resubmit the paperwork and CHANGE a few numbers and I should be good.  KNOCK KNOCK KNOCK who is that at my door?  NO I DON'T WANT TO SELL THEY SAY I AM GETTING A LOAN MODIFICATION ANY DAY!

What is this notice on my door?  TRUSTEE SALE?  They are not going to sell MY house!  They said my modification will be done a few days prior to this notice.  I DON'T NEED TO CALL TO ANYBODY!  Its all good.  Wait Wait, what is a cash for keys?  MY KEYS?  MY HOME?  The lender told me they are doing a modification, I AM NOT LEAVING MY HOME!

Officier when can I come back to get my things?  I dont have anywhere to go. THEY TOLD ME THEY WERE DOING MY LOAN MODIFICATION!  Instead they took my home.

DON'T LET THIS BE YOU!  GET PROFESSIONAL HELP!  REAL HELP.  

They told this seller he couldnt sell or he would owe money after the closing to the bank.  He was told he should just walk away!  Well HE DIDNT LISTEN.  He called us!

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