Considering Just Walking Away From Your Home? You May Want To Rethink It.

As the number of home owners feeling the crunch of hard economic time's increases many are throwing their hands up, stopping their mortgage payments, and sending the keys back to the bank.  The problem seems to be growing at an exponential rate. 

If you are in this situation and feel it's your only option or worse someone have given you advice to do this very thing you may want to read the following article: http://www.realtor.org/RMODaily.nsf/pages/News2008041402?OpenDocument.  Congress and lending institutions are pursuing "'Walk-Away' Borrowers" to the full extent of the law and new legislation may be passed to impose harsher penalties on such borrowers. 

If you have fallen on hard times please do yourself a favor, first and foremost contact your lender.  Be persistent and don't get discouraged.  When I deal with lenders on short sales and pre-foreclosures I get bounced around enough to make your head spin.  If you can't get anywhere with the lender please contact a professional. 

As I have stated in previous posts make sure that you are consulting any or better yet all of the following: a real estate agent, an attorney, and an accountant before taking drastic measures.  Steer clear of those unscrupulous few looking to take advantage of you.  There are no shortcuts through the process and be weary of anyone who says otherwise.