Your Home is Your Castle Don’t Lose it.
House prices are still dropping which is good for the first time buyer but bad news for those selling their homes. This is definately not the right time to put your house on the market unless you are forced to.
Of course you may find a bargain which will cover the loss you make on your own house, if so it may be worth proceeding if the house you are purchasing is in a better location or has other benefits to recommend it.
Your home is one of the most important, and expensive item you will ever buy, for this reason your mortgage is the first and most important debt you should repay every month no matter what the circumstances. If it is beyond you due to loss of your job, or even more serious matters you should approach your lender immediately, do not wait untill you are in behind with your payments.
Explain your situation and find out if there is any way to lower your payments until your situation improves, or even if you can extend your mortgage to make a more managable payment.
Never bury your head in the sand and do nothing, the problem will not go away on its own. Search every avenue to find some way of easing the situation, and if that fails don’t get to the point where your home will be reposessed but place it on the market yourself in the hope of getting some equity out it.
I have seen this economic depression happen three times in my lifetime, and each time it has recovered house prices have shot up even higher than before. So if you are in the position to buy a home, now is the time purchase.