This current real estate market is a mess. Millions of homeowners are "upside down" or "under water". Equity has eroded to the point where it no longer makes sense for people to continue making high payments on their home when they can rent for so much less. But is a short sale or letting your home go to foreclosure right for you? How will it impact your credit and finances?
I found this great article on how to determine whether or not your home is worth keeping. It goes without saying that you need to do what's best for you and your family. In some cases, it means toughing it out until the market turns. In others it means letting the house go. After reading the article you should have a better handle on your options.
http://articles.moneycentral.msn.com/Banking/HomeFinancing/is-your-home-worth-keeping.aspx?page=all
Thursday, January 15, 2009
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