Posted by: rgmorgan | August 29, 2010

Owe More than Your Home is Worth

Unfortunately this is true for many Americans today. In fact it’s true for 1 out of 8 homes today. There has been much written about strategic defaults as an option. Before deciding to simply walk away you owe it to yourself to explore your options.
Short sales, foreclosures, deed-in-lieu all are options for those who find themselves in this predicament. If you cannot afford to stay in your home because of hardship such as job loss, divorce, medical catastrophe etc., a short sale may be your best choice.
Before you make any decision make sure you consult with a reputable real estate agent who is familiar with short sales. They will in turn urge you to discuss your situation with an attorney who specializes in foreclosure prevention as well as your accountant.
Working with professionals up front will help you avoid the many pitfalls that lurk out there for those who don’t understand the guidelines and proper steps to a successful conclusion. Deficiency judgements, tax implications and credit impacts are just a few of the possible issues.
Done correctly this can alleviate many of your problems and allow you to get on with your life. Just make sure you do your own due diligence and team up with experts. Good luck.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Categories

%d bloggers like this: