Surviving the Storm: What to Know and Expect with Homeownership

Under Water, Delinquent, Short Sale, Foreclosure, Bankruptcy! These are realities homeowners and lenders alike do not want to entertain. We all have hopes and aspirations of finding and owning the perfect home for our families. For those who are under water and delinquent, facing foreclosure and bankruptcy is already a reality. But for homeowners who have experienced these events and for the potential first time homeowners, you should not stop dreaming and pushing forward-we must learn from our mistakes and take control of our financial fate. This means savings: pay yourself first, regardless if you are renting or buying; restrain from buying what you cannot afford, but buy what satisfies family needs; and last but not least, understand credit and mortgage products before entering into a transaction. Many homeowners want more than they can afford, and they want it now-placing enormous strain on their finances that can result in bankruptcy, foreclosure, or family breakups. Consumers also often do not have a firm grip of financing or an understanding of the product they are seeking, nor do they have a full comprehension of the responsibilities that come with owning a home. Our economy is partially fueled by the real estate industry. We owe it to ourselves to learn not only from our mistakes but also from the mistakes of others. We must learn to plan, do our research, and manage our credit, so we can become much more informed before we risk losing our homes, businesses, and retirement...which impacts all of us.

About the Author :
I'm a native Virginian, and one of eleven children. As my father was in the military all during my childhood, this afforded me the opportunity to travel, live abroad and in several states whereby I interacted with people of all walks of life. I call Texas home because my father retired there, and that's where I graduated from high school and earned an associate degree in business from Tarrant County Junior College in Fort Worth, Texas. Afterward, I attended the University of Texas in Arlington, eventually earning a Bachelors of Science degree from Capella University in business administration and a master's degree in business at the University of Phoenix. My family and I now reside in Charlotte, North Carolina. Because I've worked in the mortgage industry for over thirty years, I have had the pleasure of working for several companies in various positions as an underwriter, fraud analyst, and consultant, and assistant vice president at the Office of the President. I have enjoyed my tenure with each of these companies as well as interacting with the many associates, although so many processes and procedures have changed over the years. Many homeowners continue to face and overcome challenges of the mortgage industry as it continues to undergo changes in hopes of improvement. However, many in this profession feel the homeowner will lose again as the changes will make it much more difficult to qualify for a mortgage. Yet, I see these changes as a great opportunity for the first-time homebuyer, previous homeowners, or those who have previously lost their homes to build and develop a good understanding of what it takes to survive and hold on to their homes in economic down times. Because of my experience of starting from the ground floor and remaining deeply rooted in the trenches of this business, I feel I have something to offer. There is a tremendous need for us to safeguard our investments as we move forward. The time has come for suffering homeowners to climb out of the hole that they and the mortgage industry have created. Homeownership should not be taken lightly because as so many homeowners and businesses have witnessed, this industry can ruin you.