“What do You Think We Should Do?”

 “What do You Think We Should Do?”

 

 

 

It seems every time we get into issues with our mortgage you seem to come up with a solution. Mary and I have both been out of work for a number of months even before the virus. I am now back to work, but we are over a year behind. The bank had started a foreclosure, but everything had stopped for now. What do you think we should do? 

 

 

Even though I shared my thoughts, they didn’t like my recommendations.

 

The have over $100,000 in equity in their home and they have about $20,000 in credit card debt. No matter what they end up with at least $80,000 after paying all their obligations.

 

I suggested that they rent for at least a year, allow their credit to improve during that time and if they wanted to own again, they would be in a much better position to become homeowners again. What would you recommend?

 

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 2 commentsJoe Petrowsky • September 29 2020 01:00PM

Comments

I think they should sell that home while they are still able to..... pay off all debt and cut up the credit cards!!! rent for at least a year....and get into the habit of not spending.... bank some money every month, even if it's a small amount.

Posted by Barbara Todaro, Previously Affiliated with The Todaro Team (RE/MAX Executive Realty - Retired ) 25 days ago

Good morning Joe. Take your advice! Only use credit cards when they have the cash to pay it off to build a credit record. Enjoy your day 

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 25 days ago

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