Short Sale / Foreclosure, is really a personal decision. Speak to your Lawyer and / or CPA, weigh your options, then decide. Once you have all the right information, you will be able to make an informed decision based on all the facts...
I loved this post by Mike King Sr. Loan Officer Amerifirst Financial
(contact info below)....
"Some people believe that walking away from a mortgage is immoral and is wrong when you can afford to pay the monthly payment!
Many believe you should do everything in your power to repay your loan, including draining your retirement funds, racking up credit card debt and selling your firstborn. In their view, the lender should have to pry the house keys from your cold, dead -- or at least bankrupt -- fingers.
Others insist that reneging on a mortgage obligation is no big deal. It's a business decision, they say, and nothing more. Others blame everyone under the sun for the lose of equity, the banks, Realtors, appraisers the neighbor next door, etc.
It's really not that simple in both cases. I do agree we should make every attempt possible to pay our debt. However, life, homes, mortgages and finances just are not that simple in every case to be this way or that way. Talk with an attorney, your CPA, professionals that can offer advice that hopefully with help guide you to the right decision.
I've had person after person ask me what to do, and I don't have an answer for them. All I can do is educate, make them think and offer mortgage advice case by case.
So as we continue to struggle with both sides of the coin, try not to judge or be judged. It's a difficult time with our economy, jobs, incomes and bills.
AZmortgageinfo can help with mortgage advice and might offer some advice but please talk with as many professionals possible to help you with your situation.
God Bless..."
Mike King
Sr. Loan Officer
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