This is an attitude that I run into more than I wish. I understand were people are coming from too. I am speaking about the person that would prefer to stay in their home. The person that has tried to refinance, tried to do a loan modification, and for whatever reason it was not successful. This person has been beaten down by the process, beaten down by things in "life" and just wants it to end and start from scratch. Here is the reason YOU DONT WALK AWAY.
First I want to say sometimes there ARE reasons you should walk away OR have no other option, but those aside. Short sale is the better option. The first reason is one that you just have to believe. The belief is YOUR SITUATION WILL CHANGE. As you have had some challenges in your life, you will have some upswings as well. As the economy, the real estate market, the job situations have had down turns, they will have upswings, AND just because the situation is bad for SOME, doenst mean it is bad for ALL, and that trend is ALWAYS THE CASE NO MATTER WHAT THE OVERALL SENTIMENT IS.
You do not want to have a situation from your past continue to become part of your future. What if you walk away because your income right now is not sufficient. You feel as if you will never purchase another home anyway because right now you are unemployed. What if you get a job later that is makind decent money (not a windfall) and you are paying rent at a price that would be the same as a mortgage payment. Lets assume FHA is at 3.5% downpayment still so a piece of property at $100,000 is $3,500 down. That is the same as a first and last in alot of places. You would qualify for this program except for one small thing. YOU HAVE A FORECLOSURE ON YOUR RECORD! Now lets assume during the same circumstances you didnt walk away and you had a successful short sale completed. Do you realize in most cases approximately 2 to 3 years from the time of your short sale you would be eligible for the same FHA program?
Lets forget all of the reasons regarding it is better on your credit, you possibly can get some relocation money through a program, in most cases it is BETTER on your tax situation. There are 10 to 15 other reasons that are logical why you short sale instead of walking away, but to me the biggest reason is:
LIFE IS GOING TO CHANGE, AND YOU ARE GOING TO HAVE OPPORTUNTIES IN THE FUTURE AND YOU DO NOT WANT OLD BAGGAGE TO HINDER YOU FROM FUTURE OPPORTUNITIES. Okay there you go. If you would like a personal FREE consultation on your situation give me a call or go to our site www.thewalkerteam.info WE LOVE TO HELP PEOPLE!
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