NO!! Don't Just Walk Away From Me!

I’ve kept the rain off your head; I’ve kept you warm at night.  

My kitchen has served up many meals to the family and my back yard kept the children out of the streets.

OK, so you’ve missed mortgage payments, maybe you lost your job or maybe sadly a divorce is imminent but…

Don’t Just Walk Away!

Of all the events that will cause damage to your credit report, foreclosure is probably the worst with the most residual effect.

The effects of foreclosure are felt long after the auction is over, each state has their own laws but in Florida:    

• There will most likely be a deficiency judgment that will haunt you – mortgage debt doesn’t disappear with foreclosure, it grows as interest and legal fees are added
• Foreclosures stay on your credit report at least seven years – longer than late payments, bankruptcy, short sale or deed in lieu. 
• A Foreclosure can prevent you from holding certain jobs
• Walking away from your house hurts your neighbors & the neighborhood – you may be angry at the bank but your neighbors probably have nothing to do with your mortgage problems.  Houses sit vacant for long periods of time before the bank actually forecloses creating a haven for drug trafficking and squatters.  
• Just walking away from mortgage default is just about the worst action you can take!

Losing your home can be traumatic, but think how much worse it will be when you have gotten back on your feet, rebuilt your credit, you've left that foreclosure behind you ... or so you thought.

It is futile for lenders to commence collection activities shortly after the auction.  In Florida, laws provide ample time for banks to wait and watch.  It makes better sense for the banks to wait until you have assets, maybe a new home or perhaps wages to garnish; in other words, assets to be used to collect on that deficiency judgment.

It doesn't have to be so ugly.

So what is the best solution? For most homeowners facing a mortgage or financial crisis, a short sale is the best solution.

Short sales can be, ok ARE, a pain in the neck.  Sometimes it seems as though banks intentionally lose documents, employ unskilled help, are less than truthful, left hand doesn’t know what right hand is doing, redundancy is an understatement….it goes on and on.  Yes, short sales do get painful!

The good news is the pain is worth the gain.

When handled by a professional, someone with experience and a proven track record, a Short Sale will be the most responsible option for the majority of homeowners faced with mortgage default.

Please don’t just walk away from your house – Call a Short Sale Professional.  Call for a FREE consultation.