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Should you walk away?

Real Estate Agent with MagnumOne Realty CA BRE Lic. # 01418097

If your home is worth less than you owe, the payments are killing you and have a lender who refuses to help what will happen if you walk away?  Walking away is letting the bank foreclose, giving them the keys or avoiding a foreclosure by doing a short sale.  If you do one of these things how bad will it be for you?  Will you get sued by your bank?  Will you ever be able to get credit again?  How much will Uncle Sam and the IRS want from you?  It may not be as bad as you imagine.  Check out my weekly column, "What are the consequences of walking away?" over at Rocklin & Roseville Today and find out.

Other Items:  Happy St. Patrick's Day!  I hope you have the luck of the Irish today and all year long!

I have been reading reports about a new California bill that may require banks to wait longer before foreclosing on mortgage obligations.  Last year it was taking some banks up to 9 months before they even started the foreclosure process.  Today they are responding much faster to delinquent loans so this bill may be helpful to Sacramento homeowners who want to qualify for a loan modification, refinance program or who want to avoid foreclosure by doing a short sale.  Check back in the next day or so and I will provide more information.

John Walters
Frank Rubi Real Estate - Slidell, LA
Licensed in Louisiana

Julie I can't quite understand it but I don't think they are penalizing the walk aways as much as they should.

Mar 17, 2009 01:36 PM