I have gotten some emails from people who have wanted me to buy their house. The only problem is that they have waited too late. You see when faced with a problem like losing your home, many people get very nervous and scared.

In fact many families feel paralyzed with fear. They are so scared of what could happen to them with losing their home and their security that they aren’t sure what move to make. It is a very tough situation because you have one person telling you to file bankruptcy. You have another person telling you to talk to the bank (and you don’t want to talk to the bank because you don’t have the money that they want anyway). You have yet another person telling you to sell the house while you still can.

Well, I’m here to give you the most unbiased opinion I can. Your first option is probably the easiest. Do Nothing! If you are paralyzed with fear or angry about the situation then you can simply do nothing and hope that somehow the situation works itself out. Well more often than not the situation will NOT work itself out. People who help themselves in life do much better than those who just let life hit them. Take some action now. The longer you wait the less options you have.

If nothing else, sit down and right out your options so that you can see them on paper. Once you visually see them they won’t seem so confusing. Your next option is bankruptcy, well regardless of what any attorney may tell you here is a fact about bankruptcy. If you cannot afford your house then bankruptcy is only a temporary fix. It is like putting a band-aid on a gunshot wound. In some cases it may hurt your credit worse than the foreclosure.

For example, you can usually get a mortgage on a house after you are 2 years out of foreclosure. If you have a bankruptcy you may have to wait longer. Also, bankruptcy cost money. In many cases several thousands of dollars. You might be better off putting that money toward a workout plan with your bank. I have seen people say that many times before.

Your final option (in general) is to sell your house. The way I think about this is by this logic: If you can’t afford the house and you are going to have to move anyway, why not sell it and try and make a couple of bucks to help you along in your move. After all we are not really attached to any particular piece of property. Wherever we lay our head is our home. So stop all the unnecessary stress and move to a place you can better afford, if this is your only option. So please be proactive in your situation. The outcome has a better chance of being something that you control.

Till next time, Good luck and God Bless and remember… If you have any questions about saving or selling your home or any topics on real estate that you would like to know more about please email me and I will answer your questions in this column.