Gas is now over $4.00 a gallon, and the Raleigh SPCA just announced it's at capacity because people can no longer afford to pay for their pets. It's a sad time.
And it's no longer something that's just happening in California... or Ohio... or Florida. It's hitting home here in the Triangle where families were already walking a fine line living on credit cards to go on vacation. The little bit of money Dubbya sent - barely made a dent for some folks.
If you are one of those people who had an adjustable rate mortgage, you're also trying to balance the extra mortgage payment, along with the rising costs of groceries and gas. There are a couple of things you need to consider as you redo your family budget to accomodate for all of these "little extras" that just keep adding up. First off, get over the fact that it's your "home."
A house is an investment. The bank loaned you money on that investment. If you can't afford the payments - then it's no longer an investment and it's no longer a home - it's a Liability. That's a hard thing to accept - but the sooner you do - the sooner you will know which choices are best for you. The VERY BEST thing you can do for your family is to preserve your credit. If you don't know how long different kinds of "Boo Boos" stay on your credit report, click here. (Foreclosures stay on your credit report for 7 years)
So - it's important, really important, to decide if you can make it in your home. If you think maybe a lower mortgage payment will make the difference, call us. We would love to help. If you need to sell your home and rent for a while, do it. Call a realtor and get the ball rolling. The important thing is to talk to people now - before you loose your options. Once the bank begins making plans for "their" investment - they can rack up to an extra 15% in fees. Why would you waste your credit and 15% in equity because you didn't want to let people know you're in trouble???
You go to a doctor when you're sick. We're not doctors, but my point is that we see folks who are happy and buying houses ... we see folks who need to refinance so that they can balance all of their payments... and sometimes we see people who need to sell. Please let us help you in the decision process.
Contact Steve and Eleanor Thorne, 919-649-5058
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What about the one where....Your house is always a liability....even when the mortgage is paid off, you still need to pay the taxes....taxes are a liability. A home does not become an asset until you sell it and aquire it's worth in a monitary value.