Wait 60 years on equity, makes people walk!

Jan.13, 2010 in short sales

http://www.nytimes.com/2010/01/10/magazine/10FOB-wwln-t.html

If you read this NY times article you’ll see that, for some, they have to wait up to 60 years to regain their equity, so some decide to do what’s called a strategic default, and just walk away because they feel it’s in their best interest.

Home sellers are starting to do voluntary defaults. This article says that nearly 1/4th of all homes are over financed. 10% of all mortgages are currently delinquent in the U.S. The most interesting thing is it’s just something that everyone seems to be deciding to do. If you are a seller that isn’t having much luck with their payments, and the loan mod route hasn’t been working like most, an you are running out of answers, please feel free to let us help educate you on how the short sale process works.

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