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Should I walk away, since my Mortgage payments are KILLING ME.

By Donna Paul

Real Estate Agent with Keller Williams Realty Gold Coast 40PA0993767

December 30, 2010 11:44 PM

Should I walk away, since my MORTGAGE payments are killing ME. Many client may consider that walking away is the best thing to do since their Mortgage payments are too much for them. Giving the BANK back the keys and walking away-Isn't it easier.

Although, I may look easier-It may not be the best option for you. Take a look at a FEW REASONS on why you might not want to walk away.

1. It will be difficult for you to buy another home in the future- and it may cause problems with a Landlord in renting.

2, Your Credit will be DAMAGE- Foreclosure is the BIGGEST hit on your CREDIT. They may affect your ability to borrow or open a Bank Account and getting a JOB.

3. When you brought your home you also brought into a COMMUNITY- Loosing a home in Foreclosure and also abandon the community and the people you know.

It's not going to be easy WALKING away, but their are many different options. I hope you'll take some time to look at what other options are available to you.

If you have any questions, just email, text or give me a call. I'll be here to help you.

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Dorte Engel

RE/MAX Leading Edge - Bowie, MD

ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Donna,

Loan modification is another option. I am trying to help a few people do this. They will still have to pay their arrears eventually, but get some breathing room in the meantime and can stay in the home they love. The service I recommend charges a fee for this, but is pretty good. No money for me, but hopefully some good will down the road.

Jan 04, 2011 05:11 AM

Donna Paul

Keller Williams Realty Gold Coast - Dix Hills, NY

Long Island Home Specialist,All About Real Estate

Dorte : That's a good idea but sometimes the Loan Modifcation don't help everyone that's why it's best to have different options. It's great if your program you recommends help the homeowner but we always have to have all out information before we make a decision.

Jan 04, 2011 01:27 PM

TERI LINDSAY

Reno, NV

STAGELIGHT HOME STAGING CO.

So many different opinions on this....... is the house worth less now, substantially.... upside down? So many purchase homes at inflated prices only to have the market drop any equity built up, or because of thousands of foreclosures, the home market dropped drastically, home values vanished..... poof! Homes dropped hundreds of thousands of dollars in most states. Banks aren't helping...... the majority. It might be good advice to "walk away". Learn to live in this world on a "cash basis" and be a good renter! Thousands of families are now living this way!

Jan 12, 2011 04:40 PM

Should I walk away, since my Mortgage payments are KILLING ME.

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Donna Paul

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