I have been shouting this message from the rooftops for six years now - Never Just Walk Away From a Foreclosure!
Now, years after the start of the foreclosure crisis, thousands of former homeowners are wishing they had consulted an attorney before walking away.
Financial advisor Mike "Mish" Shedlock, at his website Mish's Global Economic Trend Analysis has more on why you should never walk away from your home in his new article: Post-Foreclosure Hell: Garnished Wages, Seized Assets, Deficiency Judgments. From Mish's article:
In 2009 and 2010 "Walking Away" was the rage. Back then, I frequently cautioned Before Walking Away Consult An Attorney, advice repeated in nearly every reference to the practice. Walking away without declaring bankruptcy, especially with a recourse mortgage was always a dangerous practice.
Mish's 2009 article 'Before Walking Away Consult an Attorney' was based on conversations he and I had regarding the potential destructive power of deficiency judgments. Unfortunately many homeowners (or former homeowners) are starting to feel the effects of not getting proper legal help early.
Fortunately, it's still not too late. Getting ahead of the banks and mortgage companies is still possible. If you are in foreclosure, get proper legal representation and Avoid Foreclosure Scams!
If you have already suffered a foreclosure, there is still a possibility you can avoid bankruptcy if you are willing to get the proper legal advice. Contacting us today could save your tens of thousands of dollars down the road. Just ask the people in Post-Foreclosure Hell if they wish they had done things differently.