What are your thoughts? Fox and Friends this morning quoted Robert Shemin, one of America's top real estate educators as having stated "Sometimes it is best to just walk away from your mortgage." Just turn your keys over... He is not the first that I have heard recommend this course of action. But he is the most responsible so far that I have heard...
He states that one of the biggest obstacles to just walking away is our sense of responsibility. We have psychological and ethical values that make it hard for us to walk away from a mortgage that we agreed to pay. This makes sense because the majority of folks out there are not irresponsible human beings. But not being able to pay their mortgage has caused many unlimited stress. And sometimes, to be able to start over, you might have to consider "just walking away."
However, I was very glad to also hear that Mr. Shemin also recommended that you don't just disappear in the middle of the night. There are options out there. You need to contact your mortgage company and try to work out a loan modification or short sale. To do the short sale, contact your local Realtor as many of us our now qualified and educated to do short sales. We can help! Other options include Foreclosure or Bankruptcy. Just remember, if you do decide to "just walk away", make sure that you get it in WRITING that they will not come after you for the balance.
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