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Is it Ever a Good Idea to Walk Away From Your Mortgage or Are There Other Options?

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Hi there, I’m Shawn Polston with TucsonShortSales.com, one of Tucson’s top short sale teams. I wanted to talk to you today about walking away from your mortgage. It’s not uncommon that I run into clients that are under the impression that there is a decision that has to be made between completing a short sale or walking away from your mortgage. There is actually this perception out there that if you attempt a short sale, that you can’t walk away from a mortgage, and nothing could be further from the truth. In most cases your lender even when we go to your lender with a short sale, foreclosure is off in the distance. This is true if for any reason those payments not being made, which when someone is walking away from a mortgage they are most likely not making payments.

The lender is going to be running that process at the same time the short sale process is going. So, if you’re walking away, the idea that you’re attempting a short sale will somehow stop that process of walking away or cause you not to have that option, it’s just simply not the case.

It is incredibly rare that I run into a situation where somebody has decided to walk away, they come to me, and it’s very rare that they souldn’t atleast attempt a short sale. It’s better for the credit, you avoid having a foreclosure on your credit report and ultimately what I’ve run into is there’s a perception that the lender is going to force them to do something that walking away that they can avoid. This is simply not the case. If your lender comes back and doesn’t approve your short sale and make some request of you that is just something you’re not willing to do, we just tell them no. In most cases the lender will back off. In a lot of cases the lender doesn’t make requests. So it’s not even a conversation we need to have with them.

I just wanted to get it out there that it would be a very rare situation where there is anything hurt by attempting the short sale when you’re in that situation. I know you have other questions and within my website I have several other videos that might help you.

One of the best things I can do for you if you’re in this situation is meet with you and discuss your situation. Then you can decide from there if it’s something you want to persue. We pass no judgement, if someone decides they want to walk away from their home, we’ll respect that and understand that. Again, I’m Shawn Polston with TucsonShortSales.com, one of Tucson’s premiere short sale teams. If you decide to go with a short sale, we are the best in the business and we’re here to help you. I appreciate your time, thanks a lot.

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