Are you upside down on your mortgage? Which one of these Travelers are you?
I want you to picture two different people traveling two different paths to the same goal. One traveler is lugging a garment bag strap over one shoulder and two bags in one hand, a brief case in the other, and his carryon tucked under his arm. He is a mess. The strap keeps slipping down his shoulder knocking the bags in his hand. He keeps getting jostled by people passing him because he is going so slow, he is sweating and out of breath. Mentally our first traveler is bogged down not only his baggage, but he is worrying about missing his plane. He can’t get his last meeting out of his mind, and his preoccupation with his thoughts make him miss the signs along his path that would give him directions to his gate. By the time he gains enough concentration to figure out where to go, he missed his plane. He is stuck and mired down and can no longer move.
Our second traveler travels light. No baggage. No thoughts about his last meeting. He walks with a spring in his step and is passing people on the way to his gate. He can concentrate on where is going and how to get there. He sees his directional signs as they appear. Not only does he get to his plane on time, he gets there with a clear enough presence of mind to board first, get an isle seat, and get a pre-flight beverage on which he sips while planning his next venture.
Ok, corny, sure, but I was having a discussion about foreclosures, short sales, upside down loans, overdue credit cards bills , and the ethics of stopping payments on a mortgage and indeed bankruptcy with my dental hygienist yesterday. While my eyes were closed and I couldn’t talk because of the prodding and poking happening on my teeth, I thought of that analogy in trying to explain that moving ahead and getting free of the shackles of financial stress.
I have a number of friends that described almost a feeling of weightlessness once a decision was made to move forward without the baggage of debt, upside down mortgages, large house payments, and the fear of their own ethical and financial demise.
You may recognize yourself or one of your friends as the first traveler.
I am not an attorney and cannot and will not give legal advice and any one in a tough financial position should consult a good attorney. If you need a reference to one I am happy to oblige.
It will be very difficult to move forward with your life and to begin the journey of rebuilding your finances and your life if you still carry all the baggage you have now and try to travel a path to your goal of financial freedom if the path is strewn with obstacles.
Keep in mind:
- You are not in a very exclusive club and there are many members.
- There should be no shame or ethical dilemma. Get over it. Yes I know you were brought up to always keep your promises. But if the bank was only counting on your promise they would not have asked you for a mortgage (A document that says of you can’t keep your promise they can look to your house for resolution)
- The clock is ticking – both on your recovery and on the tools that are here to help you recover. The sooner you get rid of your baggage the sooner you can begin recovery. At the end of this year the Mortgage Debt Relief Act of 2007 will expire so you need to get your house listed as a short sale now.
- Get your head out of the sand, regain your pride, and move forward. “Get up, Dress up, Show up” as my mom used to say.
- Prices are on the rise, but you may not be rising quickly enough to help you soon enough.
- Get an appraisal or BPO on your house (We can do that for you, free if we list your house, $75 otherwise) so you are not guessing how much water is above your head.
- List your home (Ask an agent to call you)
Upside down on your house or know someone who is? Market America Realty can help. Now with offices throughout Florida. (Lehigh Acres, Fort Myers, Naples, Sarasota, Brevard, Orlando, Jacksonville)
By the way, are you looking to save on Insurance on your home or auto? Contact Dean Street Insurance
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Read Gregg’s blogs at www.greggfous.com