As Short Sale Specialists, we hear all kinds of tales...and one that has been coming up lately is the subject of liens. A homeowner has taken a home equity loan to buy the condo in Florida...to them it's their "Florida Mortgage". Another seller used a home equity line of credit to buy a car....to her, it's a Car Loan....Yet another remodeled bathrooms with the "Ultimate Showers" and body sprays.....but that was for remodeling and somehow not looked at as adding to their mortgage...because after all, to them, they were adding to the equity....and that was a couple years ago when they started the remodeling project.
Whether it was for a car, boat, plane, vacation, remodeling....a lien is a lien is a lien....looking at the numbers and the ability to pay the mortgage and whatever you wish to call other liens...in today's market, you may welll have borrowed more than your home would sell for...as long as you are comfortably making payments...not borrowing from relatives, using one charge card to pay another, etc.....and are actually paying down the principal....good for you...IF on the other hand, you find that due to illness, loss of job, increased payments due to adjustable rates or some combination of these things that you are drowining in debt....Call us, we will direct you to a short sale specialist in your area...the only answer may not be selling your home...we are creative...let us help. Don't wait until the bill collector is at the door...the foreclosure sign comes out....Save your credit, reduce your stress, fix your life....and someday you really will live happily ever after !
Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS
