Wow.... I count at least two puns in that headline:)
Seriously, according to CNN, you really have to weigh all of your options before you turn in the keys and walk away from a loan commitment you have with a bank for a property you own. It can be many years (more than you might think) before your credit score is restored and you have the opportunity to borrow money. So before you pull the plug, you should consult with someone who might offer some other suggestions and possible solutions. Someone like your Realtor for starters. In the past year I have worked with a number of homeowners thinking they had only two possible paths- short sale or foreclosure. In every single case, I have sold their homes without having to resort to either of these options....and the sellers' credit was not impacted at all.
If I can be of any service, or if you have any questions...please do not hesitate to get in touch with me.
Filed Under
credit score,
foreclosures,
sellers,
short sales,
tax credit
Anonymous on November 21, 2011 at 11:18 AM
The best way to prevent foreclosure comes from educating yourself about how foreclosure works and knowing your best options. This should bring to light your choices available and definitely will help alleviate your stress by learning so what can and will not happen when you are dealing with a foreclosure. Knowledge of the topic of foreclosure will assist you to prevent foreclosure scams and various costly mistakes.
Foreclosure Lawyers Fort Lauderdale