>> Mortgage Difficulties

Stay or Walk Away

If you have examined all of your options and believe that staying in your home is no longer realistic you may be thinking about just walking away. While walking away does indeed seem to be a growing trend it is rarely the best solution.

Walking away, (Foreclosure) does not protect you in any way from further collection. Walking away means that you will have a foreclosure on your credit and no matter what people tell you, this IS a big deal.

Having played a big part in who gets loans and who does not for many years I can assure you that foreclosure is just about the worst thing that can happen to your credit. A foreclosure is worse than Bankrupcty in the eyes of most lenders. Obviously both is even worse…but a Bankruptcy where the mortgage is reconfirmed (not included) is usually far less damaging than a foreclosure, with or without a bankruptcy. Eventually you are going to want to purchase another home. You will be able to do so much sooner if you can avoid foreclosure.

A Short Sale may be the best solution for you. The Borrowers Advocate can help you or your real estate agent facilitate a short sale approval much faster than other companies.

>> So what is a Short Sale?

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