DEBT

DEBT.DIVORCE.DEATH

by Darrin DeRoches November 13 - 19, 2014

These are the three D’s we deal with in real estate most often. We do get first time buyers, investors and families moving on up but Debt.Divorce.Death come up daily.  The problem with these three D’s are each have their own set of circumstances and each need to be dealt with on their own.  So I will write three consecutive articles on these occurrences in real estate. First comes debt.     There are many reasons why we get into debt and they all come down to one thing and one time – you have to pay. I have dealt with this personally over my lifetime, and professionally all the time.  The important part to remember is you are going to have to pay sometime. It is amazing how long you can put it off but sometime, somewhere, debt is going to raise its ugly head and bite you in the asset – your house.  You probably thought I was going to say ass but eventually it comes right down to your house, since it is usually the last asset.  Car companies will repose your car by simply towing it away but your house is harder to remove.  It is very emotional and it can get hard to remove a family from a home – emotionally and physically.  The creditors will send letters and letters and hope you will respond but if all else fails they will send a sheriff to the property to give you five days to vacate.     This last attempt to remove you from your home is very harsh, but you should be aware of your rights, and how to handle the situation.  Once you receive letters from the bank or creditors you should contact a debt counselor and try to remedy the situation.  They can knock down your debt by upwards 80% and help make a plan to keep your house and pay down the debt.  In some situations you may not be able to bounce back from debt and that is where you should call a reputable broker.  We can help sell your property and keep the bank at bay.  The bottom line is the bank does not want your house, they want you money. Put all the emotions aside and realize they just want your money, which they believe is their money, with interest and everything.  If you contact a broker who knows how to deal with the banks you can also save a ton of money in the short term.  If the bank takes hold of the property with bailiffs, sheriffs and property managers someone has to pay them.  That someone is you.      Take control of your debt and try to resolve it or call a great broker who can put your house up and sell it fast to pay the debt and come out ahead with money in your hand instead of the banks. We know how to deal with the situation before it is too late and you can take control of the situation and save your house or sell and walk away with debts paid and money in your hand.