Comments on: Are you ready to walk away from your mortgage? http://myblog.livingfinanciallyfreeministries.com/2009/03/24/are-you-ready-to-walk-away-from-your-mortgage/ Teaching you to become a better steward of God's resources. Sun, 06 Nov 2011 08:41:11 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Anyone Can Sell – Dispelling The Myth That Not Everyone Can Sell | hermes birkin 42 - discount hermes birkin bags http://myblog.livingfinanciallyfreeministries.com/2009/03/24/are-you-ready-to-walk-away-from-your-mortgage/comment-page-1/#comment-7342 Anyone Can Sell – Dispelling The Myth That Not Everyone Can Sell | hermes birkin 42 - discount hermes birkin bags Tue, 06 Sep 2011 23:38:37 +0000 http://myblog.livingfinanciallyfreeministries.com/?p=1961#comment-7342 [...] Are you ready to walk away from your mortgage? The stock market has enjoyed a small bounce the last couple of days, but the real estate market will take a little longer to recover. A lot of people have seen the value of their homes drop by 30-40% over the last couple of years, and with job layoffs at…… [...] [...] Are you ready to walk away from your mortgage? The stock market has enjoyed a small bounce the last couple of days, but the real estate market will take a little longer to recover. A lot of people have seen the value of their homes drop by 30-40% over the last couple of years, and with job layoffs at…… [...]

]]> By: Mike http://myblog.livingfinanciallyfreeministries.com/2009/03/24/are-you-ready-to-walk-away-from-your-mortgage/comment-page-1/#comment-6758 Mike Thu, 29 Jul 2010 15:45:38 +0000 http://myblog.livingfinanciallyfreeministries.com/?p=1961#comment-6758 Foreclosure threatens even more people, Greg. In and around Sarasota, Florida, I work the "front lines" trying to help homeowners avoid foreclosure. No doubt, people are scared, confused & don't know what to do - obviously, many desperately want to save their homes. However, homeowners still are losing their jobs. Property values continue sliding. Shadow inventory continues piling up, more distressed than ever before...especially in Florida with intense heat and humidity and no AC in most cases. Anyone facing foreclosure must get to triage: 1). Find a proven (foreclosure prevention) real estate agent (not just someone with a certificate calling him/herself a Certified Distressed Property Expert (aka "CDPE"). 2). Experience foreclosure defense real estate attorney - not all attorneys are experienced in foreclosure defense. 3. Experienced tax professional. In what are RECOURSE states (Florida, for instance) where short sale or foreclosure can trigger deficiency judgment and debt collectors for up to 20 years (in Florida that is), a homeowner must consider potential consequences. It's NOT just deciding short sale over foreclosure. Really, that's not an option...rather, foreclosure should not be an option. Credit is not the real reason for pursuing short sale with full payoff & satisfaction. The REAL reason to pursue short sale is for your attorney to wipe out deficiency judgment. You NOT want to lose your home AND face rabid debt collectors for up to 20 years when you're trying to rebuild your financial life and block the horrible experience of losing a home. BTW, I am not just another realtor who (thinks) he knows what it's like to face foreclosure. Rather, I *AM* a person who faced foreclosure on 2 (yeah, not just one) investment properties. Believe me, I KNOW the fear, confusion, anger, desperation. I also know that I wanted to stick my head in the sand. Clearly, that does nothing productive. I short sold the two most challenging short sales I've ever worked - over 20 months of fighting Countrywide/Bank of America and lost files, inflated valuations...you name it. Something else I want people to know is beware the deed-in-lieu-of-foreclosure that your bank might offer you to walk away. Your bank might even offer you some money. Absolutely get your attorney to review carefully the paperwork before you sign anything. Some homeowners are duped into thinking they can walk away. Hope this helps, Mike Sarasota (FL) Realtor Foreclosure threatens even more people, Greg. In and around Sarasota, Florida, I work the “front lines” trying to help homeowners avoid foreclosure.

No doubt, people are scared, confused & don’t know what to do – obviously, many desperately want to save their homes.

However, homeowners still are losing their jobs. Property values continue sliding. Shadow inventory continues piling up, more distressed than ever before…especially in Florida with intense heat and humidity and no AC in most cases.

Anyone facing foreclosure must get to triage:

1). Find a proven (foreclosure prevention) real estate agent (not just someone with a certificate calling him/herself a Certified Distressed Property Expert (aka “CDPE”).
2). Experience foreclosure defense real estate attorney – not all attorneys are experienced in foreclosure defense.
3. Experienced tax professional.

In what are RECOURSE states (Florida, for instance) where short sale or foreclosure can trigger deficiency judgment and debt collectors for up to 20 years (in Florida that is), a homeowner must consider potential consequences.

It’s NOT just deciding short sale over foreclosure. Really, that’s not an option…rather, foreclosure should not be an option.

Credit is not the real reason for pursuing short sale with full payoff & satisfaction. The REAL reason to pursue short sale is for your attorney to wipe out deficiency judgment. You NOT want to lose your home AND face rabid debt collectors for up to 20 years when you’re trying to rebuild your financial life and block the horrible experience of losing a home.

BTW, I am not just another realtor who (thinks) he knows what it’s like to face foreclosure. Rather, I *AM* a person who faced foreclosure on 2 (yeah, not just one) investment properties. Believe me, I KNOW the fear, confusion, anger, desperation. I also know that I wanted to stick my head in the sand.

Clearly, that does nothing productive. I short sold the two most challenging short sales I’ve ever worked – over 20 months of fighting Countrywide/Bank of America and lost files, inflated valuations…you name it.

Something else I want people to know is beware the deed-in-lieu-of-foreclosure that your bank might offer you to walk away. Your bank might even offer you some money. Absolutely get your attorney to review carefully the paperwork before you sign anything. Some homeowners are duped into thinking they can walk away.

Hope this helps,
Mike
Sarasota (FL) Realtor
Mike recently posted..Sarasota Foreclosures “CAUSE” John’s 3 Home-Buying Mistakes!

]]> By: How Will Fannie and Freddie Deal With The Second Mortgages? http://myblog.livingfinanciallyfreeministries.com/2009/03/24/are-you-ready-to-walk-away-from-your-mortgage/comment-page-1/#comment-452 How Will Fannie and Freddie Deal With The Second Mortgages? Tue, 24 Mar 2009 15:34:03 +0000 http://myblog.livingfinanciallyfreeministries.com/?p=1961#comment-452 [...] Are you ready to walk away from your mortgage? | Managing Money … [...] [...] Are you ready to walk away from your mortgage? | Managing Money … [...]

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