TEN Reasons NOT Paying Your Mortgage Is O.K.?? Or is it??
With so many options out there and many more home owners losing their homes to foreclosure, I find some of the reasons I get from home owners who find themselves behind on mortgage payments and on the verge of foreclosure...well...somewhat disturbing. Here are 10 things I hear over and over.
- "If the bank does foreclose, my parents will buy me another one."
- "I don't care if what I'm doing is illegal, everyone else is doing it. My friend (neighbor, relative, friend of a friend) did it this way, so why can't I?"
- "I CAN afford my mortgage payment, I am just choosing NOT to pay it."
- "It's just not fair that the house next door sold for $200,000 less than what I paid for mine."
- "Look how much money I am saving, besides I would rather pay my credit cards and other bills so I can be totally debt free."
- "It's the lenders fault to start with. They're the ones who gave me the money."
- "I don't see this being MY problem. I see this being the BANKS problem."
- "I'm trying to do a loan modification, and I'm not paying them a penny until it's worked out."
- "I'm not worried about getting another loan later, because I'll just save my money and buy the next one with cash."
And the best one,
10. "I'm going to screw the bank and let them foreclose on me!"
Some experts are predicting Short Sales may increase by 6:1 within the next 12 months. Lenders are also anticipating this increase by implementing new ways for the home borrowers to conduct Short Sales by making the process much easier, while being less time consuming than what many have experienced in the past.
Call me for a FREE consultation regarding the short sale listing of your home before it's too late!
If you find yourself saying these things, talk to your attorney and your tax consultant to find out what you should do to provide you the best protection and benefit you the most. Brokers and their agents are not attorneys and cannot give legal or tax advice.
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