GUIDE FOR UPSIDE DOWN PROPERTY OWNERS
For the past three years, I’ve been regularly advising upside-down property owners on the challenges, risks, and strategies of dealing with their lenders and upside down loans. Over 2,000 borrowers and their Realtors have consulted with us to determine what they should do. As our nation’s economy slowly recovers, some solutions have improved such as lender’s willingness to do short sales while others have gotten worse such as the failure of loan modification programs. And we’re now defending more and more clients from lender and collection company lawsuits seeking deficiency judgments. At the request of several clients, we’ve providing the following Guide which goes into greater detail than our regular Seminar Outlines to give you the informational links that can help owners and Realtors know which questions to ask and learn which way to proceed.
What should you do with the upside down property?
You only have three real options: Keep It, Sell It, or Lose It. Everyone’s personal situation is different so what works for your neighbor may not work for you. And to make the best decision, you need to know how each option affects you, particularly your risk of a lender suing you if they’re not paid in full. This Guide will introduce you to the various issues to be considered and how they relate. For most people, Modification will be an unavailable and frustrating experience. Yet 5% will get them. For another 5%, foreclosure may be the best path. And for about 90%, selling through a short sale will provide the safest resolution and help ease the moral anguish everyone feels when they find themselves in a financial place where they never thought they would be. Coming later this month will be a detailed update on lender litigation, strategies to defeat or resolve it. This will be very important in understanding what’s going on at BofA and Chase and with collection agencies
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