I'm short-selling my house. I have more loans than I can sell the house for. The house will not go into foreclosure. It will be a short sale. I can't afford the house as I once could.
Sentiment: NEGATIVE
In the past, if a homeowner with a mortgage had a problem making the payment, often he'd get together with a lender and strike a deal, because foreclosures are very expensive to the lender and obviously not good for the homeowner and the community.
Especially if you're over 40, shortening the term of your loan to pay it off sooner could make you mortgage-free in retirement.
Foreclosure is to no one's benefit. I've heard estimates that mortgage investors lose 40 to 50 percent on their investment if it goes into foreclosure.
Community groups contend that door-to-door loan sales are often followed by foreclosures.
Consumers going through foreclosure typically will see their credit scores drop, raising longer-term questions about their ability to rebound financially and perhaps pursue a more sustainable home purchase at some later point.
If you're going to live in the house make it your goal to just pay off your mortgage.
If you can't afford the upkeep of your home, it makes no sense to do a reverse mortgage. You will just end up having to sell eventually when you realize you can't afford the home, and whether you have any equity left after the sale depends on the size of the reverse loan that must be settled.
I never buy a house thinking that I'm going to sell it.
Well, actually, if you can stay in your home that is a better deal for the neighborhood. It's certainly a better deal for the person that is in their home, rather than to be on the street and for that house to go into foreclosure and become a problem for the whole community.
The only time I've ever taken out a loan is for the building work I had done at our house and I did that by extending the mortgage.
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