TrueNumbers Property Group » Does It Ever Make Sense to Walk Away From a House?

Does It Ever Make Sense to Walk Away From a House?

In our current economy, the housing market has taken an especially hard hit. Many homeowners are faced with owning a home that is worth less than they owe on it. The jobless rate in the country is high and that means more families are not able to keep up with the payments on their home. More homeowners feel like why should they pay their mortgage if the house isn’t what they owe on it anyway? These circumstances have sparked a radical response from some homeowners. Homeowners are choosing to walk away from their home and do nothing to stop the bank from taking it.

Many homeowners who walk away feel they have no other options. They feel that the bank is unwilling to work with them and they cannot sell the house so the only thing left to do is to walk away. However, is this a good idea? What are the problems you will face when walking away? Are there any other alternatives? Let’s look at this.

If you walk away from your home, you are facing an obvious hit on your credit from the home going into foreclosure. You are also facing a possibility of being sued by the bank for the difference of what the house sells for and what you owed on the home. You are facing possible additional fees and liability from your community for failing to maintain your home while you wait for the bank to take possession. Finally, you are also hurting your neighborhood’s look and property value by adding a vacant, uncared for home to the community. These are daunting issues and they can feel overwhelming. Many families are so frustrated by the banks and the debt looming over their head that they are willing to risk these cost and fees.

On the other side, there are alternatives when faced with a home that is upside down. Many people know about loan modifications, short sales, and deed in lieu’s. Nevertheless, when you are so frustrated, you just cannot handle dealing with the bank, and you just want out now there is an even faster alternative. Turn your house over to a no-equity investment specialist.

A no-equity investment specialist is an investment company that deals specifically with buying houses that are upside down on financing. They specialize in houses that cannot be purchased by regular families or investors that need a large equity space to buy. No equity specialist can buy a home even if it has little equity, no equity or you owe much more than the house is worth. No equity specialists do this by buying the house and working with the existing financing to package the property into something that can be sold to a new homebuyer. This creates a win for all the parties involved. You get out of the home without facing fees and additional cost. The buyer of the home gets a quality home in an area they want to live. The community wins because they get someone else moving into the area that will take care of the house and keep the community looking nice.

Now you are asking yourself, how can a no-equity investment specialist make money on a house when it isn’t worth what I owe? The answer is simple. The investment specialist simply stretches out your already existing financing. You need to move out now. Someone else who takes the house may want to stay there for many years. In that time, the property value will change and the investor will eventually sell that home for a profit. For the investor, it is considered a long-term investment.

So before you walk away from your home or just throw your hands in the air. Consider a no-equity investment specialist to buy your upside down home. It may be the answer that you are looking for. Until next week…


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