I take about 10 calls a day from people just like you. You’re situation is not unique. If you live in Maricopa County Arizona in 2009, you are not alone. You bought your home/refinanced sometime in the last 3-5 years. You owe upwards of 3 times what the home could sell for on the market today.
I recently heard a statistic: More then 50% of the homes foreclosed on by the lien holders, did so without any communication from the homeowner.
I don’t have a source for that statistic, but it’s easy enough to believe. When I take calls from distressed homeowners, one of the first questions I ask is “Have you talked to your lender about reducing payments?” I would guess 80% of the time is NO. The other 20% say they have but they are unable/unwilling to do anything substantial for them.
It’s time to buckle down and figure how you are going to get out of this mess. No matter who caused the mess, it’s your responsibility to get you and your family out of this situation with a little scarring as possible.
What you need to do is develop a game plan. You can not do that if you don’t know your options. I have heard horror stories of people accepting a deal from the bank that puts them in a worse financial position then they are already in. Why? They didn’t know all of their options!
A good game plan is going to lay out your current situation, your options and the consequences (good and bad).
Then it’s time to commit. It’s time to move forward.
Keller Williams Arizona Realty