How To Walk Away From a Mortgage And Buy Again Soon!

2011-05-30T10:45:00.000-07:00

Mortgage Relief Solutions - If you're gonna walk...walk right. Make your default "strategic" not disastrous.

Many people are just walking away from their homes or mortgages for a number of reasons: monthly note is unaffordable now, house is upside down (owe more than what house is worth, unemployment, loss or reduction of income, foreclosure imminent, unable to get a satisfactory loan modification, unable to short sale, unable to sell period, etc. All valid reasons in the eyes of many home owners. However many are walking away without thinking of the possible consequences which may put them in a Worse condition than they are currently in.

After the bank takes the house back can the bank come after you to collect the money? Can they freeze your IRA or bank savings accounts? Will I be able to buy again soon? Good questions. Lets start with the first one.

Bank takes the house back. First of all the bank never owned the house in the first place. So you can't "give it back". You borrowed the money from the bank to purchase the house, but the title to the house is in your name. Only if you fail to make the mortgage payments does the bank have the right to take title to the house and sell it at a foreclosure auction to recover the money it loaned to you.

A foreclosure will severely damage your credit rating for at least five to seven years. And voluntarily giving the bank a "deed in lieu of foreclosure" is essentially the same as a foreclosure on your credit rating. So there is no free lunch when you "walk away" from a mortgage. Unless you do it the right way. Remember we're not suggesting you walk away and foreclose, but that you can walk away from your property/mortgage if it is a burden to you....the right way.

Can they freeze your IRA or bank savings accounts?

Now if you are still thinking of just walking away and letting the lender/bank foreclose, well again consider this: ***Banks and Lenders have a new direction in 2011 and beyond: Lenders will enlist debt collection agencies to aggressively go after homeowners who walk away from their underwater mortgages and lenders will move to ensure a borrower’s credit remains impaired for a decade or more, should they walk away and foreclose. Lenders are exercising their rights to pursue unpaid mortgage balances. To get their money, they can seize wages, tap your IRA and bank savings accounts and put liens on other assets held by you.

Will I be able to buy again soon?

As for your individual situation, where you want to walk away from your current house and let it foreclose to buy a new one in the same area for less money, that's not likely to happen unless you turn it over to us, Mortgage Relief Solutions. If you must walk away, walk away the right way because if you let your house loan go to foreclosure, or give the bank a deed in lieu of foreclosure, you must wait five to seven years before you can qualify for a new mortgage. And right now home prices are the best they've ever been. Half and even one third of the mortgage of your current home. Want to take advantage of these and ever falling prices and deals? That's why turning the house over to us makes more sense than just simply walking away and just let the chips fall where they may. Make your default Strategic ...not disastrous. Don't let things happen to you, Make them happen for you!

Now, you might get an exception from the bank that owns the house, but keep in mind that they are not likely to let you walk away from your $258,000 loan to buy a less expensive house because they would be losing money on the deal. It's just not going to happen. But if the loan is still in place with some else taking it over your chances are definitely improved. That's why our alternative (Mortgage Relief Program) is better and works. Take a look at what we offer. After all what have you got to lose?... .the house, credit, IRA & bank savings, garnish of wages.....if you just plain walk away and purposely foreclose. Look at the benefits of walking away the right way.

Some may think it's unethical. Is it really? It's not a moral question it's an economical one. As home values drop and unemployment looms homeowners have to think of what is in their best interest. Fundamentally, the question of whether to walk away from your mortgage is a cost-benefit analysis. It's time to stop paying when the costs of staying significantly outweigh the likely costs of defaulting. In most cases, the cost associated with credit harm does not come close to the financial harm of continuing to pay on a deeply upside down mortgage.

Well the bank set the terms, and the bank also set the provisions for what happens if somebody does stop paying. Let's take a look at this. What that contract actually says is, number one, If the homeowner continues to make the payments, the bank will leave the homeowner alone. It also has provisions in there that say, If the homeowner doesn't make the payments, the bank has recourse. That recourse is the bank gets to take the house. It's a contract. Look you could compare a mortgage contract to a two-year cell phone contract. If another company came along with a cheaper deal, it might be financially worth it to break contract, pay the penalties, and take advantage of a new plan.

It's just a contract. You didn't sit across the table from your banker and look him in the eye and he said, You're going to pay me right? You didn't do that. Did you? In some cases, it makes good business sense to walk away from a bad investment -- just like the banks do all the time.

We feel there is a better way to "break the contract" by letting us take over the property to avoid possible foreclosure, instead of you just walking away and foreclosing for sure. If you were going to walk away any way then what have you got to lose by turning the property over to us, Mortgage Relief Solutions and possibly gaining? Again, make your default truly "strategic" not disastrous.

Again, if you just plain walk away and foreclose, your credit is going to be damaged. By allowing us take over your house you'll have better prospects and chances in the coming housing market. We believe going forward our way, letting us take over property and payments isn't going to be an issue because the banks are going to have more than 15 million houses when this is over. They're going to be willing to sell them to anybody that can buy them or wants to buy them and you the former home owner or investor will be in a better position than those who just walked away and foreclosed. Plain and simple.

Don't just do what most people do and "just walk away and foreclose". That's not strategic at all. That's a financial disaster waiting to happen. Make your default "strategic"...not disastrous.

See us at www.MortgageReliefSolutions.com. And we do not charge any fee's! We take over...you move on. We take over Houses , We take over Payments, We take over Property, We take over Mortgages. Call us now at 877-278-1056 and 602-512-1651. Email for info to: Info@MortgageReliefSolutions.com Today

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Read also The Wisdom Of Walking Away From Your Mortgage
http://www.mortgagereliefsolutions.com/The-Wisdom-Of-Walking-Away-From-Your-Mortgage.html

How to walk away from a mortgage & buy again soon

How To Walk Away From a Mortgage And Buy Again Soon!