Are Underwater Homeowners "Morally Obligated" To Keep Paying Even If It Means Committing Personal Financial Suicide? Sarasota Short Sale . . .
I'm am just going to throw something out there as an active Florida real estate broker, and someone trained at one of the top law schools in the nation (I am a graduate of the Northwestern University School of Law and am still licensed to practice law in Illinois, where I went to school). You can make your own decision as to the validity of the argument...
Every mortgage states that the remedy for non-payment is Foreclosure. Foreclosure "IS" a part of the contract and anyone who opts to allow a property to go into foreclosure "IS" abiding by the terms of the contract -- wrap your head around that thought for a moment.
Next, a Short Sale is an attempt by the homeowner who is having difficulty paying their mortgage to go ABOVE AND BEYOND what is stipulated in the contract (remember, the mortgage contract stipulates Foreclosure is the remedy).
Again, I am not giving legal advice here, but just pointing out what the banks already know, but don't want homeowners to realize -- you ARE abiding by your mortgage contract if you go into Foreclosure and you ARE doing the bank a favor if you attempt to Short Sale your property before foreclosure.
Think about it. Think about it hard before you start talking about "moral" obligation.
One last thing. In my opinion the criminal banking syndicates (let's be honest and tell it like it is for a change) had a "moral obligation" not to financially rape this nation by giving loans to borrowers that they knew full well would never be repaid. Think long and hard about that when you contemplate where the "moral obligation" lies...
A Short Sale Is Unquestionably Your Best Bet For Completely Avoiding Foreclosure And The Long-term Overhanging Debt Of A Deficiency Judgment. Call us today for a FREE consultation . . .
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