Where home values have slid to 75% or less of their mortgage, more are considering "walking away," meaning leaving their home for the lender to take back in foreclosure.
As Values Slide, More Weigh Walking Away From Mortgages - NYTimes.com
This is less the case in the South Bay than in many areas, but it's a trend worth watching. Banks are certainly not using TARP money to help these homeowners stay in their homes, resisting short sales and loan modifications like the plague. But short sales are possible, and the consequences with respect to one's credit are less than a foreclosure. - David
No comments:
Post a Comment