You may not know it, but there are millions of people in this country who are being given bad advice.
Homeowners who feel that there is no escape from their unmanageable mortgage are being told that they can simply walk away.
It is called Strategic Default. For distressed homeowners who believe that they have no good choices left, the idea of walking away free of consequence may sound like a relief. The reality, however, is that choosing strategic default can have serious repercussions not only on their credit report but the bank may choose to go after the homeowner for a default judgment after the foreclosure.
There are better options available! A Short Sale is generally considered one of the most viable alternatives to foreclosure and short sales allow homeowners to minimize financial damage and move on from a burdensome, unaffordable mortgage. In many cases, short sales allow borrowers to qualify for a new mortgage in as little as two years, as opposed to five to seven years or more after a foreclosure.
There are many myths about how short sales work, including the rumors that they have the same effect on your credit as foreclosures and are impossible to successfully complete a short sale. I can show you how that’s just not true, and how securing a loan for a home in the future is much quicker after a short sale rather than a foreclosure. New bank and government short sale programs have also made the short sale process more streamlined and efficient process for all parties involved.
Remember: Doing nothing does not solve anything!
Strategically defaulting guarantees that the maximum credit score consequence will result. There is no ability to negotiate, no opportunity to create a better situation for your future, and no chance of buying a new home for the next five to seven years.
Please vist my website: www.shortsaleinfomacomb.com for more information.
Real estate professional, Dolores Gaskell is a Certified Distressed Property Expert (CDPE) and is on a mission to help homeowners escape the prison of an unmanageable mortgage so they can start fresh. She is a licensed Broker in the state of Michigan with Macomb Metro Realty, Inc. You may contact her at 586-438-3038