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Should I Walk Away From My Home Mortgage?
Also known as "strategic default," many homeowners who still have the financial ability to make monthly mortgage payments but owe far more that their home is currently worth are choosing to simply "walk away" from the home and the mortgage payments.
By: Media Relations - USA Home Buyer
"OK, we've walked away from that mortgage. Feels good.
It should, you owed $400,000 on a $200,000 home. The problem is, you didn't walk away from your mortgage. You walked away from the collateral.
You still owe the money, minus the collateral, plus interest. You have time, to be sure, as the bank won't go after you until it sorts out the property. Could be years. And the good news is they'll try to get as much as possible for the property.
The bad news is, in some cases, they won't try to collect the remaining debt. Instead, the lender may sell your debt for pennies on the dollar to a specialty servicer. Some specialty mortgage servicers are sweet and sympathetic, others are harsh and hawking. Either way, they don't tend to give up easily.
But there's more you should know.
Thanks to credit scoring, the debt follows you. Not only will you not get a Fannie Mae or Freddie Mac mortgage for at least seven years, try buying a car.
Also, you make it harder for everyone else, too."
After posting an article on this subject to our blog, we received a number of calls and emails to our website requesting additional information, and other options that may be available. Due to this response, we have created a video containing a news excerpt featuring Good Morning America's Robin Roberts. Robin interviews financial expert Dave Ramsey about the dangers of walking away from a home mortgage.
In the final 30 seconds of the video, USA Home Buyer presents a new option for underwater homeowners in all 50 states. The Home Mortgage Loan Assignment Program (HMLAP) is a new, national program that allows a homeowner to sell their house... WITH the mortgage. SEE THE VIDEO BELOW:
For more information on the Home Mortgage Loan Assignment Program (HMLAP), contact USA Home Buyer toll-free at (888) 631-2711, or visit the website at http://www.USAHomeBuyer.net
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USA Home Buyer's parent company was founded in 2001 with creative real estate strategies and innovations that have transformed how people buy and sell real estate. A respected and inspiring leader in the real estate industry, USA Home Buyer has been instrumental in developing some of the industry’s most pioneering strategies.