March 16, 2006
Foreclosure need not be the answer
If you have used up all the equity on your home, you are probably feeling extremely lost and dejected. You have probably even thought of walking away from the whole thing and letting things take their own course. In other words, you probably think foreclosure is the only option available. Take heart. It need not be so. One of the first things you need to do is banish the thought of foreclosure from your mind.
Apart from the emotional aspect, it will also be a big financial loss to you. How? Well even if you allowed foreclosure, you would still owe your loan amount or the balance on it, in addition to the fees. So if you allow the bank to sell your house and the price it gets is not as good as you thought it should be, you are left with a huge deficit. Shns.com reports:
Whatever you decide to do, be sure you understand the long-term consequences of your actions, including the effect of your choice on your family situation. There is more than money at stake here.
Read more: Alternatives to walking away from a mortgage
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