Ingrids Blog

A new national survey looking at the phenomenon of strategic defaults, in which homeowners choose foreclosure over continuing to pay on underwater mortgages, has found that nearly one out of 10 homeowners say they would walk away if they felt financially vulnerable and owed more on their homes than they were worth.

Here are a few reasons why you dont want to walk away.

1) 2 vs 7 - 2 years to re-establish your credit worthiness vs 7 - 10 years a Foreclosure will remain on your credit report.

2)Tax advantages - Are you familiar with the Mortgage Debt Relief Act of 2007 & the Economic Stabilization Act of 2008? They basically state that if you short sell your primary residence between 2007 & 2012 then you may not be responsible to pay any taxes on the amount forgiven!! 

3)Future employment opportunities - There is no space that I've ever seen on an employment application asking if you've ever done a short sale. But if the subject of foreclosure ever comes up you might want to get another resume sent out soon...

4)Peace of Mind - It is much easier to sleep at night knowing that you did everything you could to save your house and in the end you got it sold to a new buyer, the bank got to limit it's losses, and you are on your way to a new beginning. Sounds like good piece of mind to me!

5) Free Real Estate Professional Services - If you decide to do a shortsale, your Real Estate agent is paid by the lender. The service provided to you is absolutely free.

Please contact me now if you answer yes to any of these questions:

§ Are You Having Trouble Paying Your Mortgage?

§ Are You Sick and Tired of Your Lender?

§ Do You Owe More Than Your Home is Worth?

§ Are You Looking to Sell Your Home, But Have No Equity?

§ Will Your Mortgage Soon Reset to an Astronomical Rate?

§ Have You Suffered a Loss of Income?

§ Are Lenders Harassing You About Payments?

§ Have You Lost Your Job?

§ Are You Late on Your Payments?