Thousands of homeowners throughout North America are going through the most financial pain that can be imagined. Their houses are being invaded by the creditors who are sending the bailiffs to deliver what has to be simply called a death blow to so many families. The dreams are gone and the harsh reality is so painful that the mind is numb when forced to recognize the situation as it really is.
A message is sent to all home owners: "Watch out and get ready for an onslaught of depressing news in the Real Estate sector of the Economy". If as an owner you are mortgaged to the hilt, prepare yourself NOW for an avalanche of demands originating from your financial institution. Your debtor is extremely nervous at the present time. Your loan officer reads the same news as you do and desperately wants to be reassured as to your credit worthiness. As Joe Louis once said of an opponent: "you can run but you can't hide". There is no use trying to play games since one has to face the piper eventually.
You might not want to tell the whole truth, but whatever you say has to be truthful. If you want to save your house, get working right now to come up with a plan B that will generate extra funds. Work more, take boarders, and tap "Love Money". But first try to negotiate better terms with your financial institution if you think that it will save your home -- God knows they don't need to take possession of yet another house!
For those that have breathing space, in other words the great majority of home owners, the present situation is a sharp reminder of the necessity to carefully use your earning power to protect yourself against any negative events that could suddenly arise.
People spend years to save a few thousand dollars, but the value of your house can so easily evaporate and your equity becomes non-existent because of events on which you have no control.
The present situation was originally generated by greedy institutions and naïve buyers who thought that they could realize their lifetime goal of owning a house, by simply listening to and following the partial advice of individuals who can be charitably called dream merchants.
It's a tough period but our country is dynamic, people are hard working and those who are on the front line must have a can-do attitude and perseverance to keep fighting the good fight.
Gilles Martin is a Real Estate Agent, accomplished Entrepreneur and long-time businessman. His articles can be read on Musings of a Real Estate Agent.
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