These days’ homeowners and investment property owners often find the value of their properties values Hundreds of thousands of dollars less than what they owe to the lenders. --------We all know the reasons-----------

Very few lenders are cutting the loan balance and a payment reduction may not be a great enough reason to keep the property. Note we do see some balance reduction on 2nd loans.

Some owners have also lost their ability to keep up their payments and are drained away their saving or running up their credit card debt in a hopeless attempt keep their credit good rating.

 Others are making a simple financial decision to walk away from a property that is hopelessly underwater and will be for the next 10 to 15 years.

A good question to ask your self is would you buy it today for the amount of the loan?

Then there is always the emotional impact.

Another question is what will happen if you just walk away.  

•   The answer is ----nothing good---if you simply only do that.

For sure your credit will take a major hit but that can be repaired over a year or two.

The bigger question is will the lender sue you for any loss they suffer reselling your home and come after your other assets and pay check.

Many lender will not sue if you do it right---

What is right for you will very with your financial condition and the state the property is in and who your lenders are---

Many homeowners will be able to stay in their home for 6 to 10 months and a few states even longer with out making payments---If these properties are rentals you will still collect the rent.

Do not talk to your lender about short sale or deed in lieu as they will end up demanding you sign a personal note for a their loss. Never agree to  that!

You will need a attorney to help you and the retainer fee will only be about $2500  plus $250.00 a month until the case is finished.

Let’s talk it over----There is no one plan to fit all.

Jim  800 663 4396