This morning I was reading an article and came across a quote by Robert Louis Stevenson. This quote, “Life is not a matter of holding good cards, but of playing a poor hand well.” reminded me of how some folks are coping with this deflationary, depressed real estate market in Brevard County, Florida.
Some are going through the painful process of short sales. Some are “choosing” to go through the even more painful process of foreclosure. Some are changing their plans for the future and opting to live in the same house for who knows how long "until the market bounces back.” Some are choosing to work with their mortgage lender for a mortgage loan modification in hopes of reducing their monthly payments.
With the end of the space shuttle program, increasing unemployment in Florida, uncertainties about the future, it will come down to how you play your cards.If a short sale is a possibility, contact a real estate agent who knows what is involved and has the support too successfully achieve your goals. [I am not an attorney, tax adviser, CPA or financial planner. Seek appropriate advice from a qualified specialist.]
Regardless of how you choose to play your real estate hand, the first thing you should do is contact your mortgage company. Get and keep the communication lines open and see if you can get another draw!