Short Sale, There Is No Free Lunch

    There is no free lunch but some lunches are more expensive than others.  There are consequences to all bad decisions. 
    If you marry the wrong person, there will be big consequences.  If you choose the wrong vocation, that  will be an expensive mistake.  If you buy a house that you can not afford, that is a big problem.
    Suddenly or slowly you realize you can not afford your monthly mortgage payments.  This can be caused by a myriad of problems, lost jobs, decreased income, death of a spouse.
    It does not matter what caused the problem, it matters what you seek as a solution.
    There is an old cliche, " If you find yourself in a hole, quit digging."  That means when you realize that you have a problem, quit making it worse.  Start looking for a solution.  If you are behind on your mortgage payments, realize you have a problem.  Start looking for a solution.
    Do not expect the problem to go away.  It will not.  It is your problem.  No one else cares.  Accept this responsibility.
    I only see two solutions.  Find a way to make the payments or get with a Realtor and short sale the house.  Maybe in the future, loan modifications will be a reality but right now, banks are not changing the balance.  In some rare instances the bank is changing the interest rate to make the payments more affordable.  Explore this option if you want to stay in your house.  My observation is that it is rare for the bank to modify the loan enough to solve your problem.
    What will work for certain is to sell the house for what it is worth.  Don't try to cheat the bank or manipulate the value of the house.  Just call a Realtor and sell it for what it is worth.  Get on with your life. 
    Don't worry about your credit rating or your reputation or what the neighbors think.  Just sale the house and move into a house that you can afford.
    Get rid of the stress.  Start learning how to make more money.  Start learning how to spend less money.  Be honest with yourself and with your family.  Quit pointing fingers and assigning blame.  Solve this problem.
    Call a Realtor if you can't make your payments or refuse to make your payments.  If you need any help or advice, contact me at www.climerrealestateschool.com .