Perhaps you are at a cross-roads wondering what to do. Do I turn the house back over to the bank? Should I simply just walk away? Pack up and leave and hope this was all a bad dream? How do I start over? How do I begin to pick up the pieces? These are just some of the many thoughts that our clients have reported experiencing.
Know that there are many better options besides simply walking away – options that look out for you and your future! Walking away alone isn’t going to solve the problem. You must walk away with a solid plan and with your head held high. To ensure you can get back on your feet more quickly, you need to keep these 4 goals in mind:
4 Goals You Must Consider When Walking Away From a Foreclosure
- Walk away without a foreclosure showing up on the credit report.
- Walk away without owing the lender anything.
- Walk away without having to report any deficiency to IRS as forgiven debt.
- Walk away with some cash in your pocket.
Try working out some/all of the above so that walking away is not as detrimental to you and your family. If unsure as to how to go about reaching any of these 4 goals, find an experienced foreclosure lawyer to guide you. It will be well worth it.
Not having a foreclosure on your credit report means the difference between being able to buy another home within a couple of years, or getting denied for years to come. It also means the difference between being turned away for all sorts of credit purchases, or being approved. Whatever you do, don’t simply roll over and play dead. This is what the lender is hoping you will do.