The good news is....it is time for both! If you have equity in your home and have been thinking of making a move, this is the time to make that move! Why you ask? Interest rates are at 50 year lows and they will not stay there forever. Then you think well, " I am not going to get as much for my home" . You are correct ..though, you will not be paying as much for the home you purchase. There is a lot of homes to choose from and if you find one that you love and it just needs some work, then you might consider an FHA 203k Rehab loan, if there is not a lot to do, that it can be a streamline product. Are you a Veteran and would have qualified for the Tax credit for first time or second time home buyer Credit ? Well, then you may have an extra year... Contact your lender to see if you qualify. If you ever thought about investing in Real Estate and are in a position to due so....then "Just Do it". This is your chance!If you would like more information please feel free to contact me and I can fill you in on all the opportunities that are at your door. If you hear a knock, then just open it!
There are also programs for those that need it and are not in a position to buy and you need a modification or to Sell your home. I have informational links below. If you have a VA loan, start with the VA first and then your Lien Holder. There are programs out there and I will post some links to help you, I am also just a phone or email away and am happy to give my time to discuss them with you. The worst thing that you can do, is to do nothing !
HAFA ( Home Affordable Foreclosure Alternatives )
http://www.hafa-program.com/
HAMP ( Home Affordable Modification Program )
http://www.consumerlaw.org/issues/mortgage_servicing/content/HAMP-Recommendations0709.pdf
Help For Veterans
http://nvf.org/?gclid=CMLqt7Wms6ICFRlRagodcV985A
First Time Home Buyer Credit for Veterans
http://www.irs.gov/newsroom/article/0,,id=215594,00.html
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