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Real Estate
Eileen M. Day REALTOR —
IF YOU CAN’T BUY THE MORTGAGE
There’s no such thing as a free lunch in the Field of finance. Since homes are universally bought on credit, the mortgage bill comes due once a month. If hard luck befalls you due to illness or a job layoff and you can’t come up with your monthly payment, what happens? You’ll have to apy your bank a penalty—typically 5% of the amount overdue.
If you know you’re goint to miss a payment, take a hard look at your financial situation. Are your problems temporary (an unexpected home repair bill or brief job layoff)9 I so, get in ‘touch with the bank and explain your situation. Many banks are willing to work out a temporary solution, such as suspending a mortgage payment or two.
However, if it appears that there is no way you can resume payments, the best answer may be to sell your house as quickly as possible—before the bank forecloses. Most houses are worth more than the remaining mortgage. It is foolish to risk losing this equity through indecisiveness.
If there is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va. 22747. Phone 675-3033. We’re here to help. _
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