Yesterday’s market has created problems with property owners paying their mortgage timely or affording their mortgage, which leaves them with difficult decisions to make.
Try to keep the property and continue to be house poor and struggle with the stress of trying to keep up.
Attempt a short sale.
Let the home go to foreclosure.
File for Bankruptcy
In any event, one thing everyone should remember is that there are options. Choosing the best option requires professional advice.
An attorney is worth a consultation fee. When making decisions that will determine how your future may turn out, then it should be taken seriously. When a client calls me regarding concerns that have anything to do with the above scenarios, I always suggest a consultation with an Attorney. Fresh professional ideas dealing with a bad situation may help relieve some of the stress your clients are facing. They will remember you for that.
After checking around I noticed that a lot of Attorneys give free, $50, $75, $100 consultation fees to new clients considering bankruptcy. You get, at the very least, a half hour with someone that may be able to help make your clients feel a little relief and give them new hope during the tough times.