Hello Friends and Clients, Greetings on a beautiful Wednesday morning!
Last week we talked about having a plan and the plan must include whether you hope to save your home. So this weeks topic concerns the most important decision in your planning which is to decide whether you can afford to fight for and keep your property. In making this determination you should consider a number of questions which are: 1. Is there any equity in the property? Equity refers to the market value of your property less the balance owed on all of the liens against it, and, the costs of sale. 2. Does the property have economic value apart from the equity? In other words, are there junior lienholders that could seek legal recourse in the event of a foreclosure in which event there would be economic value in stop the foreclosure and selling the property in order to pay off the junior lienholders. 3. Are you emotionally attached to the property? Does a strong emotional attachment to the property make losing is unbearable - if so you may have a greater reason to fight for the property. 4. Are there other factors that may affect your decision such as tax liability if you sell or lose your property in foreclosure? You may need to seek professional advice concerning any of the above questions but the important thing is to consider and decide early in your planning process.
I will leave you with this important question - until next time.
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