The Central Florida housing market is in trouble. For years, prices have been on the rise, but now they are starting to fall. Many people who bought houses during the height of the market are now finding themselves in a difficult situation: their homes are worth less than they paid for them, and they may owe more on their mortgages than their homes are currently worth. This is known as being “underwater” on your mortgage.
If you are in this situation, you are not alone. Many people in Central Florida are facing the same challenges. But there is hope: there are things you can do to weather the storm and come out the other side in a better financial position. Here are some tips for surviving the Central Florida housing crash:
If you can’t make your payments, you could lose your home to foreclosure. And if you’re thinking of selling your home, now is not the time. You’re likely to sell your home for less than you paid for it.
If you’re thinking of buying a home in central Florida, you may want to wait until the market stabilizes. Central Florida is a great place to live, and the housing market will eventually recover. But for now, it’s best to be patient and wait for the market to bottom out before buying.
They may be able to work with you to develop a new payment plan that is affordable for you. In addition, they may be able to offer assistance in the form of forbearance or modification.
These options can help you stay afloat until you are able to sell your home or refinance your mortgage. By talking to your lender, you can increase your chances of surviving the housing crash and eventually recovering from it.
Though it may be tempting to simply walk away from your home and allow the lender to deal with the fallout of the housing crash, this is often not the best option. For one thing, your credit will take a hit, making it difficult to buy another home in the future.
Additionally, you will still be liable for any unpaid mortgage balance, meaning that the lender could ultimately come after you for the money. It’s important to remember that the housing market is cyclical, and prices will eventually rebound.
By hanging in there and weathering the storm, you increase your chances of coming out ahead in the long run.
By selling before the foreclosure process is completed, you can minimize the damage to your credit score and avoid having a foreclosure on your record. Additionally, you may be able to negotiate a short sale with your lender, which could allow you to sell your home for less than the balance of your mortgage.
While a short sale will still have a negative impact on your credit score, it will be significantly less than a foreclosure. If you’re facing foreclosure, selling your home as soon as possible is the best way to protect your credit and give yourself a chance to recover financially.
The Central Florida housing market is in trouble, but there are things you can do to weather the storm. If you’re struggling to make your mortgage payments, talk to your lender about forbearance or modification.
And if you must sell your home, do so before the foreclosure process is completed. By taking these steps, you can protect your credit and increase your chances of recovering from the housing crash.
Explore the best Florida has to offer...