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Controversial Attorney Tells “Underwater” Homeowners to Just Walk AwayHello!
This interesting and controversial article shares the recent
thoughts of law professor/attorney Brent T. White from the University of Arizona who believes that homeowners are too caught up in the morality of not walking away from
their mortgages gone bad.
Full Article: Controversial Attorney Advice
He even goes so far as to say that homeowners can default
“strategically” by buying a car, or even a house before they pull the plug on their mortgage. I completely agree that the lenders have had major culpabililty
in this housing mess but nowhere in this article does it mention short sale as a viable alternative. As we know, although short sales can be tedious, so far it is the best win-win solution that we’ve got. The homeowner gets to actively participate on the “undoing”
of their mortgage which for may homeowners is an important step in maintaining their dignity, the lender gets back some of their money and the investor or end-buyer gets a great deal. So what are the consequences of just walking away?
The next post will share a list of states that are non-recourse
states, where the lender cannot sue the borrower for additional funds after a loan is negotiated or repaid. It will also list “one-action” states, meaning that the lender can only take one action regarding a default, i.e., foreclose or sue for the outstanding funds, but not both. POLL!!
http://shortsalegalaxy.com/blog/ Tell me what you think about a homeowner walking
away by visiting my blog and filling out the poll. As always…
If you want to learn more about short sales, doing them
yourself, or outsourcing, please visit www.shortsalegalaxy.com Patty Burgess
www.shortsalegalaxy.com |
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