Foreclosure delay is misleading; buy a home (NY) and start a new

I have talked to a lot of folks who are underwateron their mortgages,and I sometimes –if the scenario is right – recommend that home owners in trouble sell a house (NY) for cash, and then turn around and get right back in. Some home owners, even if they are down in the dumps or feeling emotional about being under water, are actually in a good position to sell, and then get right back into the market (knowing, better than anyone, what kind of basement deals are out there) and buy a home (NY) that allows them to make their mortgage payments and start anew.

It is a good strategy, and – with my 7 days for Cash program – I have helped all sorts of folks sell for cash and then buy a home (NY), with great results.

Lately, though, I have talked with quite a few people who seem to feel like the foreclosure process is not something to be moved by. A story recently suggested that it would take the state of New York 62 years, at its current pace, to repossess the more-than 200,000 homes in severe default or foreclosure. The abnormally huge number of cases in New York (which reflect the huge number of such cases, nationally) has resulted in the fact that foreclosure has, in fact, been slowing down significantly.

However, while some pundits are extolling this as some type of relief for struggling home owners – I would like to interject and remind folks that sweeping things under the rug only means you’ll have more cleaning to do, down the road.

Certainly I am happy for home owners in distress; happy that they might not have to worry, today or tomorrow or even next week, about the Sheriff coming by to put them out on the street. But, as someone who has been involved in close to 12,000 transactions over the years, and who has helped nearly the same amount of families, I would caution such home owners to think about a different approach.

My advice would be to avoid thinking of the foreclosure delay as a way to stay in, and hold onto, your house longer; but instead to think of it as an opportunity to use the time to find a way out from underneath an untenable mortgage. Instead of trying to sweep the problem under the rug, in which case you will still have to deal with it later (when foreclosure proceedings find their way to your doorstep), deal with it now – while you have a few moments to think clearly without lenders hassling you day and night.

Think seriously about enrolling in my 7 Days for Cash program; you will get cash in hand and you will relieve yourself of the burden (both financially and emotionally) of trying to maintain mortgage payments that are simply not feasible. Then, you will be able to jump right back into the market, buy a home (NY) at quite a deal, and start fresh in a housing situation you can truly manage.

Sure, some folks feel like the delay in foreclosures is a heaven-send – and you can hardly blame them…The smart choice, though, is to take this momentary lapse as an opportunity to act, buy a home (NY) at a better deal, and set yourself up for a manageable future in which you can live stress-free, and even start to save for further down the road…

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