Home Sale Relief

More people are walking away from their mortgage.

As this wonder blog Bear Ridge Project post says:

 Walk away from it. Put the keys in the mail and walk away. Sit for a couple of months in your house don’t pay the mortgage, pocket the money. Use those dollars to buy a very cheap mobile home or trailer, the smaller the better, you will want to be able to move it. You will own this home outright no payments.

There is no debtors prison yet so get out from under your mortgage now. Your credit is going to be wreaked anyway so don’t let that scare you. Your neighbors are in the same situation so don’t let the so social stigma stop you. You have no equity built up to lose. You have no moral obligation to pay for these well designed traps, remember you were lied too.

All true.

I did three radio interviews this past weekend and on each of them the subject came up. People are leaving their houses empty and just, well, leaving.

There are a lot of ramifications to this. One is that lenders are going to be stuck much worse than anyone predicted.

But the other is that lenders will want more than anything to have you do a short sale. If you have two mortgages they can still come after you later, so a short sale is well worthwhile. Or if you have  a situation where you have a second home or a non-residence or rental properties, you may face personal liability.

There are a lot of instances where you may be liable personally. Walking away is not as good as dealing with the situation. Get my free 25 page report on keeping your home or walking away, dealing with credit cards so you get out from under without bankruptcy, living rent free while in foreclosure and more.