Setting Yourself Up For Home Owner Success


The housing market in the United States is strong. Most communities are seeing growth in not only value but activity. Those who have lived through the real estate crash of 2008 might fear that we are heading for another bubble burst. While no one can predict the future, the indicators that caused the 2008 crash – high mortgage loan-to-value ratios, lax lending qualifications and balloon payments – are no longer part of the lending landscape. But even without these external issues, home owners can sometimes find themselves in financial trouble and faced with the possible loss of their home. There are options and understanding these could set you up for home owner success instead of loss.


Income Options

The first step when faced with financial trouble is to look at the income streams available to you. Consider how you might supplement your resources with a second job or home based business. With growing populations in most areas, renting a room or other unused portion of your home could be an easy way to produce more income. In extreme cases, you might even consider renting the entire home for a period of time while you live with family or friends and regroup. 


Friends, Family, Lender
If you are in the situation where paying all or part of the mortgage payment is becoming a difficulty, consider your options before giving up or contacting your lender. If your family is like mine, then you may be surprised when family will help financially. Explain your hardship to a good friend that you know is not financially challenged to see if they may lend you money. You can also contact your lender and allow them to offer permanent or temporary solutions. If your home has appreciated enough you may be able to refinance to reduce your monthly mortgage payment a couple hundred dollars or get private mortgage insurance removed. Though all lenders must follow federal guidelines to review your home preservation solutions, many lenders are sympathetic to the cause of helping you stay in your home.

Bankruptcy

If your situation is unmanageable, you might need to consider a bankruptcy. Certainly this is not ideal, but it might allow you to keep your home by restructuring the loan or other workout options.  If you have other consumer debt, you might be able to eliminate all/most of that and put yourself in a better position to keep your home.


From time-to-time people find themselves in financial distress. Job loss, healing crisis, medical costs, unexpected expenses of any kind can create a situation where losing your home might become a real possibility. But it is not a foregone conclusion and exploring your options might put you in a better position to keep your home and achieve home owner success. 


Rachel Prince –
Real Estate Expert and Rentalpreneur

Hi, Im Rachel and I teach people how to LIVE FOR FREE, GET PAID TO TRAVEL, MEET AMAZING PEOPLE. Home owners can now join the short term rental revolution and start earning passive income on their home rental business. Rent your home or rooms in your home on Airbnb using short term rentals. Learn more on my website at: http://rentalpreneur.com

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