Q: My neighbor just moved out of his house one night. Why do so many people do this?
A: Getting free from unmanageable debt doesn’t have to mean running away however the numbers of people who do this are astounding. It has been reported that 70% of folks who simply walked away from their house did not discuss their options with one single person. Many people are being led to believe that walking away from their home is a good (or even the best!) option.
This is called a Strategic Default.
For property owners in default who believe that they have no good choices left, the idea of walking away free of consequence may sound like a relief. The reality, however, is that choosing strategic default has serious repercussions on your credit. The application for a mortgage is a federal document (#1003) which requires a ten year disclosure of any foreclosures. Adding salt to an open wound, property owners who walk away will almost certainly cost themselves a higher interest rate the next time they try to buy a property.
Running seems like the easiest thing to do in the moment but this sense of relief lasts only for the moment. The consequences last for years.
THERE ARE BETTER OPTIONS AVAILABLE!
As a Las Vegas short sale specialist who has earned the Certified Distressed Property Expert (CDPE) designation, my mission is to provide financially-challenged homeowners with options to escape from unmanageable mortgages without running away.
Facing your problems head-on is always the best solution. Let me help.
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