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Christina LynchChristina Lynch

Christina Lynch

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Mortgage: Pay or Walk Away

Many homeowners are facing sacrifices in order to make mortgage payments on their homes which have 0 or less equity.  Most people would agree that at least 10% of households do not have the same income they had just 3 years ago.  Additionally it is estimated that 15 million homeowners owe more than their home is worth.

While being “underwater” on your home may not spell disaster for some, many face very difficult choices daily in order to pay their mortgage.  So who can blame parents for moving into an affordable apartment or combining households in order provide necessities for their children?

I can site case after case of these responsible families trying to sell their property so they could get out from under the mortgage.  The plan is to get into a home that is less expensive so they can live within their means.  So they listed their property, attempted to work out short sale arrangements with the bank, and competed with the other responsible families to market and sell their homes.  In nearly every case they held on as long as they could, many attempted short sales while others just finally threw up their hands and walked away.  This “responsible” household is now reported as a foreclosure statistic.

With a declining market, high unemployment and a poor economy measures need to be implemented in order to prevent more Americans from finding themselves in a similar situation.  It was reported last week that the HAMP (Home Affordable Modification program) participants is on the rise and growing.  We need to improve and expand this program.  Let’s make a real effort to help our fellow Americans and ease up on any new regulations that may have unintended consequences.  While this program may only provide payment reduction and no mortgage balance reduction, as the rate of foreclosure declines property values will increase.

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Posted in: Mortgage Watch, Real Estate News Tagged: equity, foreclosure, HAMP, modification, mortgage, program

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Thanks Jim. I was prepared for a miserable experience. You took the worry and tension out of selling.

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It was our first home and we spend several months looking. Jim never lost patience. He spent hours educating us and helping us through the process. He’s always smiling and positive…. Linda and Steve Green St. Peters, Missouri

Linda and Steve Green St. Peters, Missouri

I wasn’t really considering buying a new home but one I had looked at before we bought the last one, which I loved, came on the market. I called Jim and we moved 45 days later with no problems. He really cares about the people involved in the process.

Tina and Tom Shinner Kirkwood, Missouri

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Still LOVE my home – thank you!!

Lynn B. Ballwin, Missouri

default image

Thanks Jim. I was prepared for a miserable experience. You took the worry and tension out of selling.

John Walsh Seattle, Washington

default image

We had the best experience during the purchase of our first home with Jim. We love it. One of my best friends is a Realtor and I have already told her that when I move, Jim Hurley is the one I work with.

James Fagan Ballwin, Missouri

default image

It was our first home and we spend several months looking. Jim never lost patience. He spent hours educating us and helping us through the process. He’s always smiling and positive…. Linda and Steve Green St. Peters, Missouri

Linda and Steve Green St. Peters, Missouri

default image

I wasn’t really considering buying a new home but one I had looked at before we bought the last one, which I loved, came on the market. I called Jim and we moved 45 days later with no problems. He really cares about the people involved in the process.

Tina and Tom Shinner Kirkwood, Missouri

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