Fiscal Resolutions

At the beginning of each year we tend to make resolutions: "I will get organized, I will eat healthy meals, I will exercise," and perhaps this year will call for a restructuring of your personal budget and finances. 

Sometimes this may even call for modifying your mortgage payment or even downsizing (selling your current home) to streamline expenses. After making the decision to move into a smaller home, you may find your home has lost value in the current market. Before the bank decides to foreclose, you should explore the possibility of doing a short sale. If there is a financial hardship, when you sell your home the bank may forgive the difference in the sale price and the outstanding mortgage. A short sale will impact your credit rating far less than a foreclosure would, making it easier to get back on your feet. 

The current economic conditions have adversely affected many, but making a resolution to remedy the situation is advantageous and taking action is best done in a timely manner. Let's all forge a resolution to make 2012 a prosperous year!

Liz Hochberger is a real estate sales associate at Century 21 Shawmut Properties in Weston Town Center.