WHAT TO DO WHEN YOU OWE MORE THAN YOUR HOUSE IS WORTH?

There are essentially two options:

Continue to cut spending and look for side jobs in a painful attempt to convince yourself things will change for the better eventually.

Or, you can admit defeat, default on your debts, and hope for the best.

WHEN PURCHASING A PROPERTY

Talking Points

• When purchasing a property, most borrowers will conduct their due diligence on the house, examining its structural soundness and the surrounding neighborhood.  However, not all borrowers do a thorough vetting of the lender.
  
• Borrowers are advised to focus more on the individual who would be the mortgage broker, loan officer or loan originator rather than the lending institution.
  
• Among the questions borrowers should ask are: How long has the individual been in the field? How well or promptly does he answer questions? Does he want to know the borrower’s financial goals?

A THOUGHT FOR TODAY

Be the master of your will and the slave of your conscience. -Hasidic saying