The Gospel as it is Written in the Daily News…It Must Be True! Beware of Ignorance!
Check out the article on the front page of Saturday’s Washington Post business section. Here is the link: http://www.washingtonpost.com/wp-dyn/content/article/2009/01/09/AR2009010901867.html
Basically, it condones walking away from your house and your mortgage. Nice article if this is what you want to hear. Over the intermediate to long term, society never rewards people for not being responsible to their financial obligations. It sounds to me like an attorney prophesying false hope. The fact of the matter is that a foreclosure will ruin your credit and prevent you from being eligible for a new mortgage for six years. If you think for a minute that all lenders do not discriminate against you site unseen based on your credit profile and scores you are naive. If you are too lazy or stupid to look into better options than just walking away from your mortgage than you deserve what you get in the end. I love the part where the professor forecasts that so many people will have foreclosures that it won’t really matter after long. This is ridiculous. Hypothetically, for the sake of argument, let’s assume 12 million people get foreclosed upon by their lenders. There are 320 plus million people in our country. Are you telling me that some scholar is trying to convince you that the lenders will have trouble staying in business by lending to the other 308 million Americans.
The article is well written and sounds very soothing to the distressed homeowner. Homeowners in distress need to investigate a short sale. Don’t waste your time on a loan modification, they are a joke. A short sale is the only free market vehicle that will allow you the opportunity to save the majority of your credit, have debt forgiven without fear of a deficiency judgment, and actually help your lender with a solution (thus, why they cooperate). Responsible people that help their lenders will be rewarded and the others will be labeled deadbeats.
Lastly, to discourage the ignorant people that are scared from following the message in this article, a lender can easily get a deficiency judgement for a low cost and put it on your credit. The real cost to a lender is collecting on the judgment. If you think you will ever recover without having to resort to bankruptcy you will not want the judgment on your credit. It will follow you for many years and you will regret it.
What about the professors and attorneys doling out bad advice? Are they going to be there for you if their advice proves to be wrong? The answer is no, you are responsible for your own welfare. You need to investigate if a Real Estate Short Sale is a constructive means of avoiding foreclosure. We welcome you to visit our site at www.thenegotiatedsolution.com .Here you will find credible information without the false hope. Don’t take our word for it. Validate to see if we are for real or just another nickel dime snake oil sales group. The world is full of experts and attorneys that simply do not know what they are doing. Be careful and do you homework and don’t believe everything you hear on the news or read in the papers.
GHunter
