First off, don’t panic. Whether you’re a buyer, seller, or one facing foreclosure or late mortgage payments, do not panic and act in a hurry. This is easier said than done. Be PROactive and not REactive. Learn as much as you can about your situation, get all the facts, and seek advice of those who are trusted and wise and don’t make hasty decisions.
In order to help you know what to do and how to survive this housing crisis, it is important to know that the prices of houses aren’t moving very quickly so they’re not decreasing or increasing rapidly. The value of homes are at a stand still according to the last three months’ statistics. So if you’re a buyer thinking that you need to hurry and make a purchase, don’t worry as prices aren’t going up at lightning speed. They’re stagnant right now. You have some time to negotiate and be sure to look at a few homes and not just the one particular house that you dream of. It may not be the one you can afford. It may not go down in value and the seller may not be willing to negotiate even in an upside down housing market. Keep your options open by looking at several different properties and doing your homework.
Those of you who are looking to move out of your larger home and downsizing to a smaller one during this time, getting a mortgage can be tough as banks may not be too keen on loaning money to those who are in their later years of life. Banks are reluctant to approving mortgages for those who will still be paying on these mortgages after age 75.
And those who are behind on their mortgage payments or are facing foreclosure, there are more and more companies and law firms out there to help you. Do not panic and assume that you are going to lose your home. Get professional and legal assistance. Communicate with your lender or have your legal counsel communicate on your behalf. Don’t just assume that you’re behind or have received notices of foreclosure that it’s just too late. There are many programs and alternatives that can be pursued yet due contact them quickly but as stated earlier, don’t panic. Stay calm and in control. You do have options and you can get some additional time but seek professional help.
What to do in this housing crisis and how to survive this housing market: Don’t panic. Don’t act in a hurry. Get the facts. Find your options. Get professional assistance and advice. Make your decisions and take your steps carefully.