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(English) Walking Away from Negative Equity

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4 comentarios
  1. Thomas McGiveron
    Thomas McGiveron Dice:

    I have a client right now – they owe 245k – house needs work! in Ronkonkama – highest offer we have – is 255k which just nearly covers the mortgage and the owner has to come out of pocket for some closing costs. BUT, they still have to pay the mortgage for the next two months ($4000 or so) – they’re asking me what they should do. i’m telling them to talk with an attorney.

    current buyer at 255k does NOT want to buy the home if it is a short sale.

    i have discussed fully their options and discussed this “strategic default” – the owner is 85 and doesn’t care about his credit and lives with his kids. he’s been making payments, emptying his bank account every month to do so. i know what i would have done months ago – but i cannot advise them to not pay their mortgage or advise them to “do a short sale”.

    so…that’s my pickle – i know the financially smart thing to do. but i refuse to push them in that direction…


Trackbacks y pingbacks

  1. […] pay their mortgages and are being forced from their homes. Others can pay but decide to just ‘walk away’ instead. Both scenarios have created a flood of foreclosures that neither the government nor the […]

  2. […] more homeowners are seeing themselves in the position of being ‘underwater’ on their mortgage. Studies have shown that once they reach that point, homeowners are more apt to ‘walk away’ from the […]

  3. […] administration realized early on that the number one cause of foreclosures was an increase in ‘negative equity’. Negative equity occurs when the value of a home is less than the mortgage balances on that home. […]

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