I'm new to this group. And I want to touch on a popular subject that is a "buzz" lately. But unless you have lived it, you no idea.
This is a painful subject, but yet is a subject that I'm very passionate on. Foreclosure. I wish that I knew about short sale when I was going through my ordeal in the early 1990's, it wasn't heard of in the media. It was for the elite. Had I known about the process, I might have avoided the embarrassment and financial ruin that it brought.
Walking away only leaves you open to more liability. Taxes, judgements resulting from non-recouse loans looking for restitution, etc. But we have to realize that this is a cycle, just like it was in the 80's amd 90's. Loans aren't the problem, it's people. I as one of those that used my home as an ATM machine. I betted and lost. A lot of people are forced to do that again. I couldn't give my house away.
RTC. Heard of them and a lot of 'REO whales' out their made a lot of money and are back in business again, liquidating properties. They are just doing their job.
So folks this isn't a new thing. Just another cycle that has added twists. The 'experts' aren't out there to be easily found. No one is going to tell where their 'gold mine' is at and a lot of these homeowners can't be helped by loss mitigation.
Take the short sale, salvage your credit, and come back to fight another time.
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