Should you really stop paying the mortgage?
I had a pre-listing appointment this morning.This person was referred to me by an agent who isn't familiar with doing short sales. It still amazes me that there is so much mis-information out there about what to do. This nice gentleman was looking for info on short sales and if it was the right thing for him. While only he can really determine that, I provided the options he has and he can now determine the right path. Given his particular situation, it will most likely be a short sale.
During our conversation he mentioned that many people (co-workers) had told him he should stop paying on his mortgage. The thought process is- why pay when you know you aren't going to keep the home. In this situation, this man has a security clearance for his job. If he let's the property foreclose, which of course wouldn't happen unless he stops paying, he risks losing his security clearance, and therefore his livelyhood. He does have a hardship which makes paying the mortgage difficult. But had he just listened to the uninformed he could have been in for a whole world of hurt.
Whether you are considering a short sale or any other major decision, please make sure you go to someone that can provide you with good advice based on knowledge of the situation. Friends opinions don't count. Attorneys, accountants and other professional advisors deal with these things on a regular basis and can provide solid information that will help.
Adam Tarr PC
Citywide Real Estate