It certainly is a buyer’s market out there right now and Mr. S and I are actually looking to leave the mansion and downsize to a condo. There are only 2 of us and the staff always seems to be busy doing “something else.” I also miss having real neighbors (the Mansion is located in a golf community that attracts vacationers and golf pros, so we really have very few year round neighbors).
This means dealing with a new mortgage. For some of you who are looking to buy who are now renting and worried about potential problems, or if you own a home and are having difficulty in this economy keeping up with your current mortgage payments, Fannie Mae is there to help you.
1. Before you buy – Remember that the housing market has changed DRAMATICALLY. While it’s a GREAT time to buy, home ownership is no longer the short term investment that it used to be. Think ahead and make sure that you’ll be able to handle your mortgage and want to LIVE in that house for a GOOD LONG TIME!
2. Use a Housing Counselor -By providing professional advice, a housing counselor can help you keep your home over the long term by providing help if any problems or unforeseen circumstances arise that make it hard to keep up with your mortgage payments.
3. Protect Yourself from Mortgage Scams – If you’re panicking about how to keep the house, the last thing that you need is to fall prey to one of those Mortgage Modification Scams. They charge OUTRAGEOUS FEES and actually put your home ownership AT RISK. For more information about how to avoid these scams, Fannie Mae has a list of 5 Ways to Protect Yourself.
For more information check out the 5-Step Guides at Fannie Mae.