Would you walk away? That is the question addressed in this 60 minutes piece on strategic default or foreclosure. As I
have mentioned many times on this site, it is a decision that should really come down to the numbers. You need to think of it in terms of a business. You need to do what is right for you and your family.
It is expected by the end of next year that 50% of all homeowners in the United States will owe more on their home than it’s worth. If you are in that unfortunate situation and are having trouble making your mortgage payments, you may want to consider doing a SHORT SALE.
This story on 60 minutes really conveys the truth about what is going on right now. There are millions of distressed homeowners in America struggling to make their mortgage payments. And unfortunately, all of the “help” being offered by public policy is just delaying our eventual recovery. All of the bad debt, defaults, and foreclosures will need to be cleared out and homes re-sold before there is any real hope for our housing market and economy. Take a moment to watch the story, it’s worth your time!
Posted In Real Estate
This entry was posted on Thursday, May 20th, 2010 at 2:19 pm and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.