"I constantly get the saddest e-mails from people saying, 'I've exhausted all my life savings, my retirement is gone, and now I have to default,'" said Jon Maddux, CEO of YouWalkAway.com,
a foreclosure agency that helps clients with strategic default (and charges a fee for it). "But if they had seen the writing on the wall a couple of years earlier, stopped paying the mortgage and stayed in the home throughout the whole process, they would be in a much better financial position."
Now that we have all seen that a family can continue to live in their home without making payments for a year or two,,,,,
YEAH......it makes sense.
Moral Quandary
There's a moral component to that decision, of course. People naturally feel embarrassed about breaking a contract and not paying their bills; no one wants to be branded a deadbeat. But remember that companies default on their obligations when it makes financial sense for them to do so, via the bankruptcy process. Even the Mortgage Bankers Association itself, in a flourish of irony, arranged for a short sale of its Washington headquarters.
But, you better make a wise choice because of the obvious effects of damaged credit lines.
Today, there are many opportunities to buy a home through lease-options and Rent2Own programs that require very little credit.
It is all a numbers program. Which works best for your family and your ability to feed and clothe yourselves.
But,,,,,please take the time to check out how your are going to buy your next home first,,,, before packing up and moving on.
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