Modifications,Short Sales,Deeds in Lieu,WriteDowns


Posted on Tuesday, April 14, 2009

What is the problme that caused me to get into this situation in the first place?

Is it a temporary problme or a permenant issue? Can I afford this property in the long run, am I better off with a short term solution until I can sell, or should I consider bankruptcy or just walking away?

Have I sat down with my credit card statements, tax returns, income information and otehr expenses and figured out what my worst case income and expenes really are? Where can I cut back expenses? Is there a way I can increase my income?

Are my income sources reliable into the future or should I plan for even worse? What about expenses, is there a chance they will go up? What are my potentail unanticipated expenses?

Do I have any other assets I can sell? Any I want to be sure to protect?

Is taking in a tenant or renting then entire property and moving into a less expensive property or with friends or relatives an option at least for the time being?

Are there public assistance or bail out programs available for my situation now or expected shortly?

Can I find out how much the property is probably worth and how long it would probably take to sell to detemrine if that is an option? How much would it cost me to live someplace else?

Have I read my loan documents I got at closing for a better understanding?

Do I understand some of the more common forelcosure alternatives: deed in lieu, modification, short sale, forebearance, reinstatement, repayment plan, etc so I can make an informed decision about which work best for me?

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