Smart 203k Buying

Controlling the Controllable

The circumstances which can lead to mortgage payment default are many; Some within a homeowner's ability to control and others are not. In the case of an event beyond a homeowner's control, mortgage holders have been known to offer assistance by providing a grace period or a temporary reduction in payment until circumstances improve and some semblance of normalcy is restored where the home owner can resume regular payments.

Events which qualify for this type of lender assistance may be illness, death, divorce, and in some cases, unemployment. In rare cases, such as a recession or governmental order, mortgage holders have provided similar assistance to their mortgage customers. However, when a default occurs which could have been avoided, there is little help or sympathy from the lender or anyone else, because the proper steps to such avoidance were not taken by the home owner.

At the moment when the decision is made to purchase a home, several questions may enter the mind of the decision maker(s), and conversation topics could range from affordability to property type and location (neighborhood). Generally, prospective home buyers are able to determine what they can afford to pay for monthly housing expenses, so the affordability factor is usually not at issue; and invariably, they would have already decided on what type of home is suitable enough to meet their family's needs, as well as where it should be located. Once an offer is accepted, home buyers at times insist on a professional engineers report or, in the very least, a professional property inspector's report so that they could have a complete understanding of the property's physical condition.

Obtaining one of the reports mentioned above(more home buyers have opted for the inspector's report based on cost, but the engineer prepares a more comprehensive report which is justifiably more expensive) equips a home buyer with the knowledge of any physical defects in the home and that's the extent to which many buyers were able go with regard to completing any needed repairs recommended by any such a property inspection report. Typically, most homes are sold in "as is" condition subject to normal wear and tear, so home sellers would usually refuse to complete these repairs.

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I must point out here that repairs recommended by a professional engineer or home inspector in many cases are not the same as repair work or improvements required by a HUD appraiser. Barring a discovery of glaring defects in the property condition, real estate transactions have proceeded to closing with recommended repairs undone because most of the buyer's savings went toward down payment and closing costs to complete the purchase. Today's buyers have an option.

It is at this juncture in the transaction when every home buyer should make a decision to grasp control of a circumstance which have caused many a home owner to unwittingly default on mortgage payments. Unexpected repair of major working components in a home - heating/air conditioning, plumbing and electrical components, among others - have been known to create havoc with a family's budget, and thus caused delinquency in mortgage repayments. This is the kind of controllable circumstance to which I referred earlier.

Home buyers can control the occurrence of unexpected repairs in the home they are purchasing by utilizing a special government program available to them at the time of purchase. I said special because it provides the home buyer with a uniquely affordable method to eliminate potential budget-shattering, unexpected major repairs far in advance of when such repairs are likely to be needed as a result of working component breakdowns in the home.