Q: What is the big deal about walking away from my house? A: In a recent study, the Chicago Booth/Kellogg School Financial Trust Index found that a full 36% of Americans would consider “strategic default”—another term for walking away from your house—if they were underwater (owed more on their home than what it was worth). […]
My neighbor just moved out of his house one night. Why do so many people do this?
Q: My neighbor just moved out of his house one night. Why do so many people do this? A: Getting free from unmanageable debt doesn’t have to mean running away however the numbers of people who do this are astounding. It has been reported that 70% of folks who simply walked away from their house […]
What can I expect if I start missing my mortgage payments?
Q: What can I expect if I start missing my mortgage payments? A: The most important thing to know is that no matter what stage of default a homeowner is in, there is almost always a way to avoid foreclosure. That being said, the quicker a homeowner does something about the situation, the less challenging […]