Being underwater on your home loan is not a badge of shame or a sign that you’re a bad person. It only means that you got caught up in the buying frenzy and hype generated by the banks and home loan institutions earlier this century who were further encouraged by politicians and presidential administrations that were hellbent on sharing the American Dream with as many people as they could, even if some, or a majority of the dream chasers couldn’t afford it. Heck, even rich, smart and talented people like Nicholas Cage, Michael Jackson, Congresswoman Laura Richardson and NBA star Ron Artest have been underwater and either drowned in a foreclosure, or were saved by a Short Sale.
If your attempts at a Loan Modification have failed, or seem to be going nowhere, which seems to be the case 98.5% of the time, you only have 3 ways out of being drowned in the Foreclosure Tsunami. We will discuss these options in later posts, but drop me a message if you need immediate help.
- Housing Bust: No End In Sight (npr.org)