News and Events Buying a House Is Not Like Buying A Car By Judith Johannsen
Own it and Keep it! By Judith Johannsen Some say that trying to buy a home is hard. Others say that buying a home is easy, it’s the "keeping it" that is hard. The reality is this: if you know what to do and when, and you do it, both owning and keeping a home can be easy. There’s a new kid on the block - Own it, Keep it! (www.ownitkeepit.org). This simple new source, slated to be operational in early March 2010, offers one-stop shopping for information and resources for prospective home buyers and home owners alike so they can make wise, responsible decisions when buying a home and/or understanding how not to become a foreclosure statistic. For instance, if you are thinking about becoming a homeowner, you should know that buying a home is more than touring properties and picking one with stylish kitchen appliances and tricked out bathrooms – it involves educating yourself, not only about the home-buying process, but also about how you handle your finances. The bad news is that, as our nation’s recent economic history has shown us, too many people bought homes they could not afford to buy, maintain, or keep. The good news is that Own it, Keep it! can be a tool to help prevent, and perhaps soothe, unsuccessful homeownership. On the buying side, Own it, Keep it! highlights the basics – looking for a Realtor®, understanding your current financial picture, repairing and re-establishing credit, talking to a lender, making an offer, and hiring a property inspector and an attorney. If you already own a home and are having trouble paying your mortgage(s), the Keep it! side of the website provides information and additional resources for you to tap into to help you save your home. Here’s a newsflash - banks are in the money lending business, not the real estate business, so they truly would prefer, when possible, turning a delinquent loan into a performing loan. A performing loan earns them interest while foreclosing on a property costs them money. So, if you’re a home owner behind in your mortgage payments, you could ask your lender about a forbearance agreement, where you gradually pay back the amount you’re behind or add the delinquent payments to the back end of the loan. Your lender could also suggest loan modification, which permanently changes one or more of the mortgage terms and reinstates the loan, or maybe just a simple loan refinance. Here’s more good news: the Own it, Keep it! website is completely anonymous and embarrassment free – no one will contact you or track you - so, if you need some direction, helpful information, or you’re just plain curious, check it out! Judith I. Johannsen is Assistant Counsel for the Connecticut Association of Realtors®, Inc. Connecticut Association of REALTORS®, Inc. is Connecticut’s largest professional trade association representing approximately 17,000 real estate professionals engaged in all aspects of the real estate business. Founded in 1920, the Connecticut Association of REALTORS®, Inc. is dedicated to enhancing the ability of its members to conduct their business successfully while maintaining the preservation of private property rights. Use of the term "REALTOR®" is exclusive to the members of the REALTOR® Association and signifies their allegiance to a strict Code of Ethics. F:\JOHANNSE\Hartford Courant Articles\Article HC Feb 2010 Own it Keep it info.doc
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