17 Foreclosure Strategies to Stop, Stall or Walkaway with Cash
John Brooks, is the author of the soon to be released book 17 Foreclosure Strategies to Stop, Stall or Walkaway with Cash which he wrote to help underwater homeowners or homeowners facing foreclosure. Brooks noted that “Most homeowners are being pressured by the government and the lenders to keep paying on a useless asset. Well-meaning, but misinformed friends also pressure the homeowner by telling them it is their obligation to pay the mortgage even if a short sale or strategic default would be a better option”.
This advice is frequently wrong and is dangerous to these homeowners’ financial health. Homeowners following this advice may be foreclosing on their on financial future or their kids’ future by continuing to pour money down the drain. The wealthy and financially sophisticated cut their losses and get out of the obligation as illustrated in the book which shows the average homeowner how they can also use these methods to protect their financial future.
Shattering Foreclosure and Strategic Default Myths and Misconceptions
You may be facing foreclosure, considering walking away from a house that is upside-down (you owe more than it is worth), or wondering whether you should file bankruptcy. It can be very challenging trying to sort through the different options and frequently homeowners in this position feel overwhelmed. They are harassed by creditors and worried about their situation and their family’s future. They are given half-truths, double-talk, and misleading information and may even be told that it is their moral obligation to keep making payments. Frequently they feel like there is nothing that can be done and just ignore the situation or worse, they start tapping their lines of credit and retirement accounts in a desperate attempt to keep making the payments and just hope for a miracle.
There are nine basic strategies that can be used to stay in a house or stall the process of leaving. There are eight basic methods that are used when the homeowner needs to get out of the obligations of the house. You are probably familiar with the standard solutions, such as strategic default, short sale or foreclosure but there are many techniques and solutions the average homeowner and most real estate agents are not familiar with that can help.
You do have options. For instance, there are homeowners struggling with payments on their house or who decided that it no longer made financial sense to pay on a worthless asset and they have: