Walk Away and The Bank Says You Will Pay -
The Future Cost Of Foreclosure Not Forgotten
One of the biggest myths floating out there is that by walking away from your home and letting it go to foreclosure means that you are walking away from the debt. WRONG!!!
Take a look at this Washington Post article that tells how a bank is pursuing the debt years after the homeowner has faced foreclosure. So, it's very possible that a bank can sit in the trenches and wait while you are rebuilding your life, to sneak up and say, "Guess who??? Remember that money you borrowed from us, well you never did pay it all back."
I've always said that the biggest advantage to a short sale is that it keeps the homeowner in the driver's seat. Once the lender provides the short sale approval letter, you get to see all the cards on the table. The short sale approval letter states in writing the full terms of how they are willing to accept less than what is owed on the mortgage. The banks even pay all of the real estate commission and seller closing costs, and in many instances will give you money at closing as a relocation credit. If you agree to the terms of the short sale approval, then you have in writing from your lender, proof that you will not have to face the effects of foreclosure.
If you are facing a financial hardship and are thinking about walking away from your Alexandria VA home, be sure to read this article first. You may think you're giving up and starting clean by walking away, when in reality, you could be activating a timeclock on how long the bank can come after you for the short amount of the mortgage balance. To find out if you qualify for a short sale, click here. We are committed to stopping foreclosure in Alexandria, Arlington VA and surrounding communities.
Free Report - Don't Walk Away From Your Mortgage
Free Report - 7 Most Dangerous Short Sale Myths