Are You Upside-Down on your Home Mortgage?

Don't Despair - Boomers Still Have Choices!

Millions of Baby Boomers have seen their home equities evaporate during the "Great Recession." For most, home equity was an intricate part of their retirement plan. Now instead of having a nice nest egg, many Baby Boomers find themselves making home payments on a property that is valued less than the purchase price, often by fifty percent or more!

Are you screwed? No, but you are in a bad place, and you must take informed action. Why? Because Boomers typically don't have the time or money to wait it out for real estate market values to recover...if ever. For many, continuing to pour money into an upside-down property is like "throwing good money after bad" - there is a real possibility that you will never recover it!

And no one is going to bail Boomers out - you are on your own! So instead of bemoaning your situation, you need to educate yourself in order to make an informed decision.

Here are three articles you must read NOW:

Upside Down Baby Boomer Home Owners Face Tough Choices.

What are the Alternatives?

Baby Boomers - Beware of the "Gotchas" before

Rushing into a Real Estate Short Sale!

Many Baby Boomers Must Overcome Loan Qualification

Obstacles to Buy Retirement Home Bargains

Strategic Defaults

If you are considering "walking away" from a hopelessly upside-down home mortage (i.e., a "strategic default"), you are not alone. This choice is becoming so popular that Sixty Minutes recently did a segment on the growing trend of strategic defaults fueled by the Great Recession. See the Baby Boomer Muse blog for more discussion and comments.

Short Sales

If you are facing foreclosure, consider a short sale. But be sure to align yourself with an experienced Realtor or negotiator who is knowledgeable about short sales criteria, lenders and the short sale process. Getting expert advice and assistance is very important to achieving short sale success!

Need Help?

Do you need professional advice or more information? We have a free real estate program for Baby Boomers.

Don't Forget Tax Implications!

Whatever you do, check with a tax attorney first. Every alternative has consequences, and you want to fully understand the ramifications of your actions before making a decision.