I have been asked by some clients, should I verily try to keep the house???
Now, the rejoinder to this quiz, is ...It depends! In light of our mortgage accident it is extremely important to settle the true benefit in holding your home. But with new loan modification programs that are in planning stages now, it may be potential to lower your mortgage payments.
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For starters, please ask yourself, "Can I afford to keep this house?" Should my spouse leave today could I not only buy out their interest (which will growth the mortgage payment) but can I afford the taxes, insurance and also the household bills, gardener, water, trash, etc?
Also consider, "Why Do I Want to keep this house?" Are you tied to the house emotionally? Do you wish for your children to reside in a carport environment? Do you work close to home? Are your kids doing well in school and are the schools good?
The truth of the matter is, a lot of homeowners do not have much equity in their home. For many the loan number exceeds the equity and depending on finances, you and your spouse may be behind with payments. If this is the case and you do not have many emotional ties to the home, you should consider other options.
In today's market, you have options such as a "Short Sale" if something must be done expeditiously. ** I just hosted a New Pod cast with Martha Shanks with regard to asset Options for Today...Please go to my Child custody and reserve site and click on "Podcast" for more information. If you don't have to quickly settle the quiz, with regard to the house, and if you qualify (see other postings in this blog) you could get help with a loan modification.
Next, if there is equity in the home, please consider, "Can I verily afford to 'buy out' my spouse's interest?" Unless the parties settle otherwise, if you settle to keep the home, be prepared to "pay" for your spouse's share of equity in the home. This will most likely growth your mortgage payments. Also, because of the "freeze" in our lending markets, you may face some difficulty in obtaining a loan.
Also, consider, "Can we continue to both own the asset until the store gets better?" This will all depend on your association with your spouse and your goals. If there is some equity in the home, selling may be an option, however if this is not the case, it may be worth considering. This may mean the spouse remaining in the home will continue to pay the mortgage, while the "out spouse" finds someplace else to live. however with this option, you may be in a best position to sell your home at a later time. This also opens the door to a loan modification, as one of the requirements is a drop in house income.
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