Reality “Check – Please”
Let’s take a good hard look at ourselves. I mean each of us looking at our own self. Face facts. Who do you consider when you do taxes? Pay mortgage or rent? There are certain realities that affect us all, plus certain facts that only apply to you. Take a survey of your personal reality, get your facts straight, and then decide what to do about it.
Do you own a home that is “upside down?” Do you live in it? Want to keep it? Would you walk away if you could? Will you owe taxes? Would you be able to buy again? Will you qualify for loan modification? Will you go bankrupt? How much income do you have? How many bills do you have?
Your family and friends care – but their advice are probably not professional and could be totally wrong! Do they know that a short sale of investment property is not taxable if the owner is insolvent? Can they define insolvent (it is not the same as broke)? Did they mention that foreclosure will lower credit scores by hundreds, but a short sale lowers it approx. 110-120 points?
If you have answered correctly – you win! You have control. First, check with a professional. Second, have them do the math. Third, check your feelings, and check with your immediate family. Do the best thing… If you want advice, check with me for a free consultation. For your sake, deal with reality. Check… please. You have options. Choose the best one.