Every day I speak with homeowners who are considering "walking away" from their homes. These homeowners have usually tried working with the banks to obtain a loan modification, but have grown frustrated at the banks response. Either the lender is taking too long or the homeowner has been declined for a loan modification. Well, homeowners still have options.
Walking away from your mortgage could have disastrous consequences on your credit and future ability to purchase a home. Maryland law gives the creditors up to 3 years to pursue the homeowner for any shortfall created by foreclosure.
Consider a "Short Sale" or deed-in-lieu of foreclosure. It is possible that either of these options will allow you to legally "walk away" from your mortgage and may shield you from future litigation.
If you are a Maryland homeowner and would like more information on Short Sales, Loan Modifications or foreclosure prevention call me today at 301-343-7671. Remember, more options are available to you if you act quickly.
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