Yes, I voted for Obama, and am very proud of that choice. However, whether you voted for him our not, the reality is that his economic team is working to create a solution to the mortgage crisis, when the current administration is treading water until they get out of office.
In a recent New York Times article, a White House contact was quoted as saying, “We’re done in two months. The next administration can try to find a way out of that maze.”
Even though we have all recognized this as a statement of the true feelings of the current Administration, it makes me sick to see it in black and white. Homeowners are struggling - not just those who made poor loan decisions, either. EVERYONE has been affected by this housing market crash, and for the Administration to wipe its hands and say, "oh well! Too bad!" is a slap in the face to all American homeowners.
Okay. I'm off the soapbox for now.
Homeowners... HOLD ON. It's time to go back to the tried-and-true mindset of "buy-and-hold". There are rocky times ahead, and we will see the landscape worsen before it gets better. But do ALL that you can to stay in your homes. The values will increase in a few years, so holding on is the best plan of action.
Get CREATIVE. Think outside the box about how to keep your property and make your mortgage payments. Can you rent out a room in your home? For people in DC, Maryland, and Virginia... can you rent out your property for the Inauguration to earn cash to put either towards your arrears or savings cushion? How can you save money and beef up your income? Have you considered a home-based internet business?
I do not know what the next Administration's concrete plans are for homeownership preservation. However, I do know that it's time for homeowners to start taking action for themselves. The new Administration's plan may not save your home. What can YOU do to save your home and your credit?
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