Sarasota, FL - Having a "Game Plan" is certainly wise, and knowing the consequences of our actions is also important in knowing how to proceed in making a good decision. As a Short Sale Real Estate Broker, I am consistently asked the above question, and legally and ethically I can't answer this question. However, I can provide resource information and connect homeowners in distress with qualified CPAs and Attorneys in our area that can help. In addition, I can explain the possible consequences of what could happen if someone does or does not continue to make their mortgage payments.
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So let me explain the possible consequences of deciding to stop making mortgage payments (which may feel better in the short-term, but could have severe long-term results). Doing nothing about delinquent mortgage payments, in almost every situation, will lead to foreclosure. If possible, Foreclosure should be avoided as there are usually better alternatives. Some of the alternatives to foreclosure are: Repayment, Forbearance, Loan Modification, Deed in Lieu of Foreclosure, Bankruptcy and Short Sale.
Be careful not to make the wrong decision, before you commit to a plan that might not be the best solution for you. For example, too often I hear that when someone addresses the question of Bankruptcy to a Bankruptcy Attorney, the attorney will almost always advise them to file bankruptcy. When someone addresses the issue of Foreclosure Defense to a Foreclosure Defense Attorney, the foreclosure defense attorney will usually advise them to defend (prolong) their foreclosure. Yes, many foreclosure defense attorneys can prolong a foreclosure (sometimes even years), which is helpful, however if this still results in a foreclosure, then you have to question if this was the best plan. Bankruptcy is also not always the right plan, and should be discussed with a qualified CPA, as foreclosure is not just a legal issue; it is a financial issue as well.
So what is so bad about foreclosure? What many homeowners don't realize is that a Foreclosure will not only affect their credit, it could impact their employment, future housing alternatives, and the time to financially recover. How is this possible? Employment involving high-security clearance positions can disqualify candidates based on a foreclosure and in some situations, employees with high-security clearance positions can even lose their job after a foreclosure. Landlords will also keep an open eye on someone with a foreclosure and will typically select another tenant applicant, if credit a concern to them. In addition, the time to financially recover from a foreclosure can be the longest compared to other solutions.
In closing, my advice would be to avoid foreclosure (if possible), seek wise counsel from those qualified to give it and have a game plan.
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