Friday, April 2, 2010

Walk Away from your mortgage? Strategic Default is not for everyone...

Walk Away: Strategic Default
This video posted a few months ago debates the moral and financial dilemma that many homeowners are faced with.Obviously it's not for everyone, but for some...it makes sense. For some, it's the only option. It's simple: if we can bail out corporate America, if executives and CEO's can walk away, then the middle man should do the same, right?

Well, the obvious pitfalls are: destroyed credit & a 3 year foreclosure default on your record. The upside: house-squat and  pocket the money saved until they kick you out...which could be anywhere in the neighborhood of 6 to 18 months; more realistically averaging between 8-12 months. Now, this doesn't make sense if you are concerned with school districts or uprooting your family and disturbing their balance. Additionally, a blow to your credit could make it very difficult to access credit cards, car loans and certainly not a home loan for some time. But if it's your only option ... then upsetting the apple cart could provide a huge savings!


So, why not? If the banks, corporate America, executives and CEO's deserve a bail out...don't you?

Where do you stand??? If you're underwater or need advice on a possible short sale to sell your house, click or call Tom Tuttle me@tomtuttle.me or 253-686-3992


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