Should I stay or should I go?

The Clash had a hit a little while back (everything beyond yesterday in modern pop culture is a "little while back") titled "Should I stay or should I go" click here to view the You Tube video. That catchy phrase is also the key question many people are asking themselves about their current homes. It's especially a hard question to answer if you are severely upside-down on the home - you owe more than it is worth.

If you are just a little under water on the property, perhaps the new Homeowner Affordability and Stability Plan from the Obama Administration will help. It provides ways for homeowners to refinance loans that are up to 105% of the current value of the home. Go to my site http://www.mishortsales.net/ for more details on that program. My general advice at that site, which I established to give advice and information to those facing foreclosure, is that you should do everything in your power to avoid a short-sale or foreclosure. Those are both bad things that will stay with you and your credit record for a while,although not quite as bad as a bankruptcy.

Basically you should stay as long as you can. Hold out, if you can; and try to do a refinance or workout that will result in payments that you can afford. If life has dealt you a hand that precludes you from holding on, then look at options like making a deed-in-lieu offer to the bank or pursuing a short sale. Both have significant impacts on your credit score, but both have less impact than going through a full foreclosure process or bankruptcy.

The Clash are singing about a persaonal relationship in their song, but you will be deciding upon a course of action that will impact you life for a long time. Go to my http://www.mishortsales.net/ site and read the FAQ section. It is my intention at that site to give you information on every option other than doing a short sale; however, if that is the only option left, then I want you to be fully informed about your choice with it, too.