Lately and almost consistently, we have been hearing many things about the market, the majority of which is not good news. Home prices are falling, and the interest rates on the loans are rising, unless you have been able to have it fixed for the moment.

Is it better to sell now and try to get the best amount you can get, even if it is less then the loan amount or all that you have put in? It is definitely a hard decision; taking a cut on price means taking a loss on the initial price put in or put in over time, or potentially not being able to 100% pay off your loan. However, if you choose not to try to sell at almost any cost, hopefully you are not in as desperate circumstances as others today. For those facing a looming foreclosure, they can almost see their good credit history pouring down the drain. This affects all of their future attempts to get loans (for a new home, car, etc), have a credit card,and many more things. It also takes a lot of time to be cleared off of your history, something you should really think about.

Each person will have to weigh these factors carefully; how desperate is their need to sell, or their foreclosure situation? Can they wait, or would that really only make it worse?