My blog titled "Silent Suffering in the Luxury Markets" generated phone calls that brought some important luxury market misconceptions to light.
Misconception number 1: I am the only one in my community struggling with changes in my financial circumstances.
I discussed this very point in the above referenced blog. This is a group homeowners that, for the most part, are highly educated, upwardly mobile, have never suffered a difficult financial setback, believe they are alone in the struggle and need to hear from my voice to their ears that they are NOT alone.
Misconception number 2: Loan modifications and other options to foreclosure are only available to low income homeowners.
There are no income limits for loan modifications. The criteria for consideration is a valid financial hardship that is making it difficult to meet the mortgage payment.
Misconception number 3: A Realtor will always tell me that selling my home is the best option because they want a commission.
I am not in a position to speak for the industry as a whole, but I am one of a group of dedicated Realtors who seek first to help you stay in your home. If that isn't a viable option, I then help you review all of the options to foreclosure and provide documentation and checklists for you to take to your attorney and tax accountant for their professional opinions. Only then, and only if a short sale is your best option, will I list your home for sale.
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