subject: Losing Hope With Your Home? [print this page] Several years ago the housing market was in a very large boom. Those that were in a home and wanted a change could sell their home for much more than they paid for it. Then there were all of those people who chose to purchase homes during that time. People were feeling a sense of confidence of having good jobs, having two incomes, money in the bank and wanting to get into a home. The banks were lending money to people who might not have had the best credit or even exceeded the one third rule. It wasn't too difficult to get a loan and so people were buying homes.
Everyone was really enjoying this time. People loved being able to get into a new home and those that were selling loved it even more. Then the economy took a turn that many didn't see coming. Businesses starting struggling and faced either closing or laying people off. Some businesses completely closed down and that put thousands of people out of work. For others they were laid off from their job. Then the unemployment rates grew out of control due to there not being many jobs available. The first place that this situation really hurt people was with their homes.
Now the economy is starting to turn around, but for some it is too late. They are upside down in their homes and don't know what to do with their homes. They want to sell their home, but will still owe more on their home than they can sell it for. Then there are those that have just had to let their homes go into foreclosure. For some they have put their home on the market, but not had success selling their home. For those that are trying to sell their home it might feel pretty hopeless.
What is important to recognize is that if you get the right realtor to help you there can be solutions. They can help you work on a short sale or might even be able to help sell your home and get out from under the debt and difference of the home that might come out being a loss. Whether it is working with the bank or finding those that are willing to pay the right price for your home there are solutions and you can have hope that you won't be owing on your home even when you sell or move out of your home.
