| I Owe more than My House is Worth |
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How do you handle the situation where your home is worth less than the amount you owe. For instance, let's say you bought a home in 2006 and paid $350,000 for it. Your loan is $325,000. Today, homes have fallen in value in your area. Join the club! So your home is realistically worth only $280,000. Does this describe your situation? It certainly does for alot of people in NSW C & D grade "working family" class suburbs anyway since labour introduced it's extended range of property taxes. So what do you do? See, if you continue making payments on it, you are paying more than the house is worth and in a way you are throwing money away. Because what if you gave your lender the keys to your house? Then you could buy the same house for $180,000, and save a bunch of money besides. Think about it...imagine just moving out, and being off the hook. Imagine further that your credit remains intact. Heck it could be a lot better even because you aren't saddled with this humongous monthly mortgage. And imagine that you turn around and buy back the same house, or one that is similar but perhaps in a different block of your neighborhood. But now, instead of being a victim of the current real estate crisis, you are on top of the world. See, it's a great time to be a buyer right now. The same market that is tearing fine people like you apart is treating other people to the best deals in years. So imagine that you get rid of the millstone now, and then can buy a great house that you love...but for a lot less money. And put down little or no down payment. I'll even throw in an additional advantage: no qualifying for a bank loan. Now isn't that icing on the cake. Just go to the lawyers, sign the papers around the table, and the keys are yours. No bank nosing around in your business. No having to prove income or provide a stack of personal papers. Does this sound far-fetched? It isn't. Not when you know what you are doing. If you are in this situation of being in a home you can't afford, or a home worth less than what you owe, you will be grinning from ear to ear when you learn the secrets that savvy homeowners know and that your lender doesn't want you to find out! To find out about a rent to own home go here or here to view a selection of Hot-Properties . |
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