When live gives you lemons you’re usually not alone

Having lunch today with a colleague I was reminded that everyone has their own private lemon tree.   We don’t often discuss our lemons, but when we share with a friend we might end up with lemonade.

The current housing market is such a lemon tree.  There are numerous families that are in difficult financial situations especially with their current loan and the devaluation of their home.  There is no longer the option to refinance based on equity in the home.   So now what, short sale, foreclose?  People feel like failures.  People think things are hopeless, but maybe they aren’t.

 There are options, there are ways to think out of the box.  Perhaps the lender will reconvey the loan?  Maybe a short sale is the best option, however there are tax ramifications to this option.  A foreclosure might be in the solution, however that may impact many other financial situations.  Insurance for your car, rent, credit cards, etc may all be difficult to acquire if you declare bankruptcy.

What about a percent investor?  Someone who might buy out part of your loan or your payment for interest in your home?  I’m not sure what all the options are, but walking away from your family home should be the very last resort.

 Susan Goulding

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