The short answer is "Almost never." I say "almost" because in rare situations an over-taxed home owner may find letting their lender take back the property a better option than any other presented.
But my expert advice is to ALWAYS investigate all of your alternatives before walking away from a mortgage in default, because the effects of such an action will follow you for years to come.
You've probably heard the term "strategic default" before.
If you're facing a bank reposession of your property, to cut your losses and run may sound like an easy way out of a bad situtation, but is it really?
It's a "strategy" that made headlines a few years back in Georgia and from coast-to-coast. Underwater homeowners were using "strategic defaults" as a possible foreclosure-avoidance option.
But was this "strategy" really the best choice?
Foreclosure is foreclosure, strategic or not -- and that's almost never good for the homeowner nor their community. It stains you credit and can effect your life in unexpected ways further down the road -- for instance when you want to make another major purchase, or even when you are a pplying for employment or need security clearance.
Desperate circumstance may seem to call for desperate measures. But make sure you know what you are getting into. Get all the preforeclosure facts before you choose this route.
Many are making this choice without weighing all of their options or considering all of the consequences. In fact, of the millions of homeowners in distress, it is widely reported that more than 70% of homeowners proceed without seeking assistance or getting the facts about their situation.
Please contact us any time with your questions or concerns. We are metro Atlanta area short sales specialists. Instead of walking away, help rescue your credit before you make a decision which carries long-term ramifications. It may be that contacting an experienced short sale expert will turn out to be your best solution.
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Take action and make an appointment with us today and get yourself started on the path to financial recovery. Our team has specialized training to help Georgia homeowners avoid foreclosure with a short sale. Please contact us today for a no cost confidential consultation.