Tough Times -So Now What?

By
Managing Real Estate Broker with Arizona Real Estate Options

Let's face it, we are in tough times. This isn't news to anyone. We feel it each time we fill our cars with gas. We are reminded each time we cash our employment checks and can't recall our last raise or bonus check. We've held on. We've been patient. We've hoped and waited for things to get better. They said things would get better. But here we are still struggling to get ahead or even just to pay our bills each month.

So where do I go from here? Do I continue to hope the equity in my home will come back? Do I try one last time to get a loan modification from my bank? And what if I'm one of the lucky ones to actually get my payments reduced a little? In the long run does it really matter if I may never be able to sell my home and pay off the mortgage?

Sure, I can afford my payments now, but for how long?  I'm slowly dwindling my savings. What if I have kids to send to college or what if my mother is getting older and I may need to care for her or what if someone gets sick or in an accident and I have no cash reserves? And what about my retirement-I won't be able to count on Social Security to be around for me.

Is keeping this home going to ruin my financial future?

More and more homeowners are finding themselves thinking these very thoughts. These are the people who kept their jobs throughout the recession and were able to scrape by and keep their homes as well. They struggle, but because they can make their mortgage payment they don't think they have a hardship. This is what I call a "future hardship". Sure they can keep up the payments for now, maybe even for the entire length of the loan, but they compromise their future and that of their families to do it. If you or someone you know is struggling to make their mortgage payments now or may in the future, please call. Find out what OPTIONS are available to get your family's financial future back on track.

There are options for people in all different financial circumstances.....even for people who are current on their mortgage.

 

Comments (8)

Alexsandra Stewart
Remax equity group - Portland, OR
Broker - Portland Oregon Real Estate

That's a very interesting way to look at it -'future hardship', and quite accurate when you think of the daily struggle impacting their ability to plan for the financial outlays of college or retirement, not to mention a vacation.  Takes quite a toll stress wise, and on relationships.  Well put.

May 11, 2011 10:23 AM
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Very wise advice...so important to seek experienced counsel, and not to suffer anxiety in silence.

May 11, 2011 10:25 AM
Dennis Duvernay Broker/Owner
Hillview Realty - Northbridge, MA

It sure is scary for many homeowners now and down the road...sounds like you are very well qualified to help them out....hope they call so they have someone in their corner working for them.

May 11, 2011 10:40 AM
Gina Chirico
Lattimer Realty - Fairfield, NJ
Real Estate Agent - Essex County, New Jersey

Laura, I missed your post the first time around but found it once we "liked" eachother's Facebook pages.  This is really a well written post and I'm glad I found it.  I like the term you refer to "future hardship".  There are so many people struggling to make ends meet and to hold onto their home and part of me doesn't blame them for trying and I do hope they succeed, especially if they have kids, but anyone struggling in Mesa, Arizona is lucky to have you to help them through.  I feel this deserves a feature and I suggested it.

May 12, 2011 03:33 PM
Sheila Newton Team Anderson & Greenville SC
Berkshire Hathaway HomeServices - C. Dan Joyner - Anderson, SC
Selling the Upstate since 1989

there are many that have given up their homes FOR their future.. Sometimes, it is the only way to get back on track... great post!

May 13, 2011 04:51 PM
EC, JF, Double R and Zoey the Cool Cat
Russel Ray Photos - San Diego, CA

I don't think we're yet into the position that the nation and world were during the Great Depression, and personally I don't think we will be. Back then there were only a hundred million people in the U.S. With more people comes more ingenuity to work through problems. Now if we could just get rid of all the politicians so that we could work things out.

May 14, 2011 10:01 AM
Kristine Ginsberg
Elite Staging and Redesign, LLC - Short Hills, NJ
NJ Home Stager

It's sad, but a real reality for many Americans right now. Lets hope things turn around soon - personally I don't know one person that hasn't been effected by this economy and people have to make changes - less eating out, buying luxury items, ect. If there was ever a time to get smart about your money - now is the time!

May 18, 2011 03:39 PM
Anna Dovger
Add Value Home Staging LLC, 281-704-6607 - The Woodlands, TX
Home Staging -The Woodlands, TX

Laura, this is very good advice. It is great to know that options are available for those people.

May 25, 2011 01:41 PM