Things to consider
In an article entitled, What Happens When You Walk Away From Your Home, posted on Linkedin on Jan 30, 2012, Chris Taylor of Reuters discusses the ethics and the sense behind taking this most drastic of steps.
Taylor begins with an example of a couple on the verge of retirement. They bought a second home before selling their first and were being eaten alive by mortgage payments. They decided to go with default on their loan on the first property.
Time to Slow Down and Think
Haste makes waste is an adage that people in the microwave generation might find irritating, but the fact remains that one should take a good look before opting for foreclosure. Digging out of bad credit is no picnic.
There may be some other, lest caustic solutions. When we examine all options, consult trusted sources, and then devise a solid plan, the result of our efforts will yield a much better return.
The Way Out of The Woods
Taylor has a list of five solid things to keep in mind when getting your life back on track.
First, examine all of your options. Look at foreclosure as your very last resort.
Second, investigate local Rules and Regulations. Every state has unique recourses and so local experts are essential.
Third, Save Money. A long range planning that implements sound practices, like the principle of pay-yourself-first to sock money into savings, will get you back on your feet a whole lot faster.
Fourth, check out the Tax Codes. Make sure you consult a CPA, there may be some help written into the tax codes that can ease the stress. My CPA told me the other day that the rules change yearly.
Fifth, consult a Legal Expert: An attorney can help you navigate the pitfalls and save you time and money.
If you have questions on how to prevent problems or how to get back in to the housing market, please email me at Home@HomesInHarmonyWithYourDreams.com.