You probably have a good shot at staying in your home with free rent so to speak for a year or better, This is worse case and with all sorts of government money now flowing to the lenders if they are nice to you..... there may be some changes.
......and you may have some surprise successes in getting things back in workable place.
If you are a home rental investor such as your editor here, with 7 underwater and no paying mortgages since Jan. 1. there is almost NO light at the end of the tunnel.
Maybe they will eventually figure out this is likely one fourth of homes going back, they may make some changes in investor mortgages. (now denied permission to even refinance at lower rate)
Therefore, as foreclosures, we are a waiting game also and are renting right up to the last minute. *the renter is protected" has top rights.
What is most frustrating is that you have to go with the flow, since there often is little you could do if you were super man.
Powerless, is the frustrating word that applies. No matter what you do you can have almost no effect on anything.
You need to be informed at totally know you have done every thing you could do.
Then you go with what happens and have yourself geared up on how to handle it.
Ten years from now, looking back, will not seem nearly as bad a happening as it seems right now.
We used to have those in the process of divorce come in to our class and say, this divorce is the worse thing that ever happened to me. Absolute disaster.
Two years later, they would come back and see us and say, you were right, that divorce turned out to be the best thing that ever happened to me. Interestingly enough it was the same divorce, just how time had changed the outlook. I suspect we will have the same here.
This may indeed turn out to be an improvement in your standard of living not a down turn. May seem like it, but just watch.
