Pay the Mortgage or Walk Away?
More and more American's are asking themselves despite their emotional attachment to their home(s)...........
SHOULD I STAY OR SHOULD I GO? SHOULD I TRY AND PROTECT MY HOME OR WALK AWAY?
HOW LONG WILL MY HOME BE UNDERWATER?
There are so many issues to consider when making this decision. Since late 2007 until current our firm has assisted client's with this difficult decision. Those who have made the decision to keep their homes and explore legal options and remedies we have fought aggressively to make that a reality. Those who have chosen to walk away either because the lender would not renegotiate the mortgage, the lender failed to respond to the borrower's request to renegotiate the mortgage, the offer from the lender fell short in eliminating the hardship of the borrower, the home was so underwater the borrower felt it was financial suicide to keep the home and decided to cut their loses and get a fresh start to position themselves in the future to repurchase a home later on, and many more scenarios have walked through our doors. As to the client's who have chosen to walk away our office has worked aggressively and successfully to assist the client in clearing away the wreckage and moving on to a brighter looking future.
This is a individual decision. One that after review of the entire picture each borrower/client must make for themselves. It has been our experience that the borrower's who stay in communication with the lender after applying for the loan modification/renegotiation are often more successful. There is no easy answer to this question and each individual case is different, but armed with the correct information and facts prior to making this decision can give a client peace of mind that they are making the right decision for their situation.
Below is a good article when asking yourself that important question:
Copyright By Kevin M. Mahan, Attorney at Law
A Debt Relief Agency
