Are You Upside-Down
on your Home Mortgage?
Don't Despair - Boomers Still Have Choices!
And no one is going to bail Boomers out - you are on your own! So instead of bemoaning your situation, you need to educate yourself in order to make an informed decision.
Here are three articles you must read NOW:
If you are considering "walking away" from a hopelessly upside-down home mortage (i.e., a "strategic default"), you are not alone. This choice is becoming so popular that Sixty Minutes recently did a segment on the growing trend of strategic defaults fueled by the Great Recession. See the Baby Boomer Muse blog for more discussion and comments.
If you are facing foreclosure, consider a short sale. But be sure to align yourself with an experienced Realtor or negotiator who is knowledgeable about short sales criteria, lenders and the short sale process. Getting expert advice and assistance is very important to achieving short sale success!
Don't Forget Tax Implications!
Whatever you do, check with a tax attorney first. Every alternative has consequences, and you want to fully understand the ramifications of your actions before making a decision.
Copyright 2008-2015 by Pacifica Endeavors LLC. All Rights Reserved.