Stop Paying Your Mortgage…Wreck Your Credit…But Might You Be Better Off?
The Associated Press has an interesting story where they quote a University of Arizona Law Professor, Brent White who is quoted as saying “Millions of Americans would be better off financially if they did walk away.” The article further mentions that Professor White just published a paper entitled, “Underwater and Not Walking Away: Shame, Fear, and the Social Management of the Housing Crisis.”
There are millions of Americans who have a very tough decision in front of them. Hundreds of thousands are trying to modify their mortgages through the Federal Government program, but 27% are already behind on their modified payment plans.
We are certainly culturally conditioned to want to do everything we can to hang on to our homes, but in this economy and given the decline in home prices, many people will not be able to ride it out. If that’s the case, make sure you know your options. You may want to talk with an attorney or your CPA. There are also non-profits set up to give you advice such as the Minnesota Home Ownership Center. You may also want to contact an experienced distress sales expert such as those who have gone through their CDPE (Certified Distressed Property Expert training) like I have along with about 13,000 other agents across the country. We may be able to help you with your options to avoid foreclosure.
John, you’re right that before homeowners up and walk away… they need to speak to a non-biased third party (Here in Minnesota, the non-profit counseling network is overseen by the MN Home Ownership Center – http://www.hocmn.org)… and we appreciate the link to our site!
We recently posted on the fact that Foreclosure Counseling works: (http://hocmn.blogspot.com/2009/11/foreclosure-prevention-counseling-works.html)… and we appreciate you spreading the word!
We still have a LONG way to go here in Minnesota before we see the end of this issue.
I appreciate your posts!