Mommy Mommy, The Bailiff’s At The Door!
What dreadful words for anybody to hear, but it is the sad reality in many communities across America at this very moment.
The sub-chief fiasco has generated a torrent of negative impulses in the real estate market, and one has to be most attentive to what is happening in our country in order to survive the crucial next few months. A recession is expected, and the sudden slowing down of the economy warrants your complete attention, and strong action must be taken right away to prevent a tragedy that could haunt you for years to come. Job creation is disappearing, credit is tightening, foreclosures are at an all time high and consumer confidence is declining. All the elements are in the air for a perfect financial storm.
As a defensive measure, make a cold eye assessment of your present financial situation.
List the various supplies of income that you can acquire and also list the obligations that you have to meet on a monthly basis. Get rid rapidly of any expenses that are deemed non-basic and if you have a nest-egg, protect it like life itself.
If you think that you will have difficulty in making your monthly mortgage payment, grab the bull by the horns and communicate directly with your loan officer. Do some preventive work by telling him first hand, eye-ball to eye-ball, that you might find it tough to meet your obligations but you are willing to sit down with him as soon as he is obtainable to study ways that will give you more flexibility, and will also reassure him on your good-will and serious attitude regarding your obligation.
Motivate yourself and members of your household on the necessity to generate more income and keep on rowing like crazy to obtain your home and the roof over your head. The value of your character might go down slightly but it is meaningless if you manage to keep it by meeting your obligations. Over time the storm will have passed and the long term trend is always upward in a strong country such as ours.