Realtors will tell you a home is one of the most important investments you will ever make. It is certainly one of the most expensive. For most people, it will be the single biggest lifetime purchase. The debate is whether or not it is a good investment. Some financial gurus will tell you it is better to rent, then invest the difference between the rental payment and the mortgage note somewhere else.
I have heard that many times. There is great security in owning your home. I have been a renter. I prefer to own. There is always the worry the landlord may raise the rent or move you out. I remember one time when the place I rented was sold. The new owners evicted everyone to enlarge the property next door. That wasn’t much fun.
If you are in a situation where you fall behind on your property, give us a call. Bankruptcy is an option to stop foreclosure. Right now, more people are in forbearance on their mortgage payments (postponing paying their note) than ever before. Just about half the people who walk through our doors tell me they put their homes in forbearance, due to emolument changes or just because they could. Those payments will need to be caught up. Some mortgage companies expect payments brought to date completely at the end of the forbearance period. Others are putting it at the back of the loan. If you have a situation where your home is in jeopardy, give us a call.
You can read more detail about the pros and cons of home ownership here.
Written by Greg Gouner