by Adam Deutsch
"Homeowners should be proactive"
Think America and the following comes to mind: apple pie, baseball, the great melting pot, and leveraged debt. In recent years it is the debt that has gained more recognition as American characteristic. As the thing itself, debt is not all bad. Debt allows people to invest in their future, the future of their community, and to hedge and build ideas that turn into successful innovative businesses. The dark side of debt appears when the investment fails to flourish. Today debt’s dark side is most prevalently represented by the inaccurate belief that everyone should own property and real estate prices will always rise. As they say, hindsight is 20/20.
According to a November 8, 2011 CNBC article, it is estimated that as many as 50% of American home owners owe more money on their mortgage loans than their home is worth on the open market. Every time the value of your home goes down by 1, 2, or 10%, you are acquiring debt without the benefit of hedging for a future reward. There is little economic upside to paying $500,000 to own a home that is now worth only $250,000.
But what should people do if they find themselves underwater on their mortgage loan?
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Tagged with: crisis • dismissal of foreclosure • foreclosure • fraud • housing • loan servicing • New Jersey Foreclosure Lawyer
Filed under: Foreclosure
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