Do you know? Are you asking?
We know that the unknown, especially financially, can carry weight that is hard to lift. In times of uncertainty like the one we are facing today with the COVID-19 Pandemic, it is really important to have a plan, know your options, and what your timeline is. Questions that every homeowner or property owner should be asking themselves are:
Do I have a plan and a backup plan? Typically the biggest expense in your life is a mortgage payment, what happens if you can’t make that mortgage payment, how long are you able to make the mortgage payment on your current income, what if your employment looks a lot different for a while? These questions will start to arise and having a plan and a backup plan is important in order to help keep some of that weight off your shoulders. By having answers to those questions, you’ll be able to develop a plan. A plan that should address, do we update, do we keep, can we sell, should we sell, or are we going to lose our home?
What is my timeline? What does your timeline look like, how long do you have until? Every timeline is different just like every situation. What does your mortgage company have available for unfortunate circumstances, what does the market look like, at what point do we stop making house payments to care for other necessities? Making sure you have those timelines in front of you, even though it's difficult, will help you to make more informed decisions for the future of your property.
What are the options: There are options when uncertainty happens, we hope that you are not getting pushed into something that doesn’t fit well. TIC can work with you to sell your house ‘as-is’, we can establish a timeline if needed, we can educate you on foreclosure, tax forfeiture, and what those mean for you. Knowing your options early, how each one affects you now and in the long-run is your best way to reduce extra stress and concentrate on other aspects of your life.