Edisto Beach Real Estate-The Worst Possible thing you can do is Walk Away...

Edisto Beach Real Estate

Edisto Beach, SC

Has the Economy Got you Down??

The Worst Possible thing you can do is Walk Away...

Yes we are in tough times...and yes most of our beach real estate is under water...the job market is even tougher...our income is way down...it feels like we have hit the Wall.  And maybe some of us have.  But the Worst thing that you can do is Walk Away from your home or your property on Edisto Beach.

You hear reports daily on the TV and in the paper, of normal every day folks like yourself faced with a similar situation.  You know...the bills keep piling up, collectors calling, downright harassing letters come in your mailbox and the burden drags on day after day.  You say to yourself, "If I could just leave all of this behind me and start over-things would get Better.  I will just pack up and leave and start a new."  "The bank can handle another foreclosure".

I am telling you don't do it! I promise you that if you just abandon your property things are going to get worse than they are.  Much worse! The buzzards(Bill Collectors) will really start circling.  You will find yourself slapped with judgments and/or liens, they will garnish your wages, they will take your children and sell them at auction (just kidding), your life will become a living hell.  Your credit will be destroyed for the next 7 to 10 years.  Have you ever tried to live in America without some sort of Credit?  You need credit to get a cell phone, you need credit to get car insurance and even hospitals are checking your credit before they will admit you.  Where do you go in today's world without someone pulling your credit?

So what do you do from here?  There is hope.  There is a way to get out of this mess that you are in. Walking Away is not an option.  But you do have several options that will not leave your life in a total shipwreck and will not totally destroy your credit score.  Did you know that most banks are horrible at personal contact.  The first time that you miss a payment-you will get a stern letter from the bank reminding you to make a payment. The next time, you will get an even stronger letter and from then on you will get a monthly letter stating that you are late.  After a while of letters you will get a foreclosure letter and then it will be over soon after and you will be asked to move out(by the Sheriff).

During the process, your favorite banker(the one who persuaded you take the Loan) will probably not call and ask if there is something they can do to help you.  They are not going to call and offer a hand or a care.  At this point, they just want their money or you out of their house. But I am here to tell you there is hope-there is a solution to your problem.  Here are a few of the options:

1. 1. Refinance-lower your by payment by getting a lower interest rate or longer payback period(15 to 30 years)
2. 2. Sell and Bring Cash to Closing-cashing in your IRA or selling Treasury Bonds
3. 3. Lender Workout-

Forbearance-lender may work with you on the payments until you get a job or another income.

Repayment Plan-sometimes the lender will work out a payment plan.

Loan Modification-reduce your payments by

Getting a lower interest rate or longer pay

Back.

1. 4. Short Sale-sell for less than you owe on your

Mortgage.

1. 5. Deed in Lieu of Foreclosure-this is where you

Agree to sign the property back over in exchange

Forgive the lender to forgive your debt.

1. 6. Foreclosure-it is pretty obvious that this is the

The last resort but don't wait until it gets this far.

Call your lender immediately and discuss your options or call a lender who has been trained in

Distressed properties.

Please Don't Walk Away without talking to me or someone first.  We will be glad to walk you through the process and discuss your options. I will be glad to do all of this for free.  Yes, I mean it.  Absolutely, no charge to you- The last thing you need is another bill.  Please don't hesitate to Call.  It will be my pleasure to serve you and your family.

Edisto Beach-Now That's Heaven!

P.S.

I just received my certification for SFR(Short Sale and Foreclosure Resource) Certification.  I have just studied and learned about all the latest programs and work-arounds and would be glad to share them with you.

Cal Griffin

The Edisto Beach Real Estate Advisor

Edisto Beach, SC

Cell-843-908-2101

Toll Free 800-726-1881

Visit my websites:

http://www.CalGriffin.com

http://www.TheEdistoBeachCompany.com

Visit my Blogs:

http://www.MyEdistoBeachRealEstateBlog.com

http://www.TheEdistoRealEstateAdvisor.com

The Edisto Beach Company

Published Thursday, February 11, 2010 11:13 PM by Cal Griffin