So many homeowners in crisis feel alone, ashamed, confused and
angry. Many are at a loss about what to do with their home -- walk
away, short sale or jump in to the maw of loan modification.
Homeowners who have decided to walk away, or those who lie awake
considering it, need a comprehensive resource as well as a forum to
read and discuss what other homeowners are experiencing. THIS IS IT!
Many HOMEOWNERS don’t realize they HAVE POWER when dealing with their
mortgage company, and feel trapped and anxious over the pressure some
mortgage companies apply when short selling or foreclosing on a home.
Here are some questions you should ask yourself:
When is it a “good” idea to walk away from your home?
What are the other options?
What are your rights when dealing with the mortgage company?
Should you hire a lawyer? When and why?
How do you prepare for a short sale?
When should you be ready to move once you stop making payments?
What does a foreclosure or short sale mean for your taxes? How can you
protect yourself?
If you have good credit, how can you best protect it to regain your
good status as soon as possible after the situation is resolved?
Should you buy renter’s insurance because your home insurance is no
longer in effect?
If you own rental property and plan to move to that property after
your home is sold or foreclosed, will you owe money on the tax
depreciation?
How much time, typically, do you have to move once you are alerted by
the mortgage company to vacate?
How much should you expect to pay for a short sale, if anything?
What is a deficiency judgment? What should you be aware of when
signing this document?
It can take weeks to put together a hardship letter for the mortgage company, or put together a letter that let's the mortgage company know you are no longer making payments until you can get a loan modification. Many homeowners don't realize they have the power to work with their mortgage company for a viable solution to their future.
What has been your experience? Did you feel good about working with your mortgage company? What advice do you have for other homeowners thinking about foreclosing or short-selling? How do you feel about leaving your home?
We'd love to hear from you, and we will answer your questions from qualified professionals when appropriate.
