Should you Divert your Mortgage Loan to Spend a Nice Christmas?
Posted on December 17, 2009
Filed Under mortgage | Leave a Comment
Christmas season has turned from a spiritual holiday into a spending fest. Most homeowners tend to divert their mortgage payments to the celebration even if they risk foreclosure because they believe that the holiday will shelter them. This is a mistake.
One of the most common mistakes homeowners make during the holidays is that they think that they are safe from foreclosure during the festivities. While this might happen regarding the corresponding law, since courts all over the country apply themselves in a different manner and the holiday season, more particularly the days between December 20th and January 3rd are usually “dead” because of the festivities and there is little to no legal action. This does not mean that once the festivities are over the pending foreclosure will be carried out immediately.
It is important for the homeowner to realize that he has a problem with the mortgage payments before the holiday season is set in full. While it is indeed, a common thing that people working in the real estate business, like in any other business succumb to the wonderful influence of the holiday season, promises and any deals made under this “magical spell” will not hold any relevance to the matter of the foreclosure.
Furthermore, as the members of a family, that has mortgage problems, parents and spouses are less likely to spend the holidays in the way that they want, in harmony and peace. Quarrels will be common and the children will end up with a negative imprint on the holidays, something sadly common amongst parents who have mortgages.
Another common attitude is to divert or delay the payment of the mortgage until the first payday of the following year so that the family might have “a little more” to spend the holiday with. While this is understandable due to the current financial crisis all over the country, once again, there is no point in creating a hole in your income to make a bigger mirage of the financial reach that you have.
The childish fancy for Christmas depends up to a 90% on what their parents teach them; if the parents take the time to teach their child that material possessions are needed but should not be coveted, and then they will be able to keep up with the payments of the mortgage and still spend a wonderful holiday season.
Stressing the importance of keeping the mortgage payments and avoiding foreclosure is, naturally, the goal of most real estate agents and lending companies; sadly, the advertisers, marketers and merchants tend to think otherwise and they landslide children with the idea that if there is not enough spending in their Christmas, and then it is a holiday not worth having.
Smart spending will be the key to the right holiday season festivity, one that will not imply you diverting money that you are legally bonded to pay such as the mortgage loan to create an illusion of bonanza. Most financial friendly advisors will tell you that love is the important thing, but truth is that even then you will need to spend money. Therefore, the choice has to be done careful and thoroughly, it is the only way that you can survive the holidays and not worry about a foreclosure in the first weeks of the following year.