Chat With Jenny

In today's economic struggels...we're seeing several homes going into foreclosure.  A new way of selling is now "short sales". 

When someone says the property qualifies for a "short sale" that means the bank which holds the deed of trust has agreed to accept less than is currently owed to the lender.

Recently I heard of a bank writing off $80,000 of the debt!

Don't forget, this comes with some penalty.  While it's not as bad of a ding on your credit as a foreclosure, it will definitely count against your credit score all the same.

So if you're behind in your payments, or struggeling to make those payments, you might consider talking to your lender.  If you can prove you have hardship, i.e., loss of job or illness, you might be able to renegotiate the loan payment and/or interest rate.

If you find you've already gone that route and are still having a difficult time paying your mortgage, you should revisit the situation with your bank and see if they would agree to a short sale.  What would happen isIn a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the owner. 

Often a bank will allow a short sale if they believe it will result in a smaller financial loss to the lender rather than foreclosing.

Good luck!

Today’s blog is in memory of Michael Jackson. Michael is one of the world’s most famous song writers to date.

It was during my teen years when Michael really started his career.  I grew up singing his songs. I also watched this famous person go through some difficult times, and then turn into what some may refer to as weird, and finally might have been the cause of his own death.

What I’m wondering today is this…..how can someone with Michael’s fame and fortune turn into a person who can’t pay his taxes, and has creditors lining up at his funeral?

So many of us work hard every day to pay our bills on time, and try to live within our means. By doing this, we look forward to purchasing a “nice” house in a “nice” neighborhood and settling down with a family one day.

Is it possible for a famous person to live what we consider a “normal” life? Do famous people just put too much pressure on themselves to be above the rest of us, or do we put that pressure on them?

What is “enough” for one, obviously isn’t “enough” for another.