Christian Real Estate Professionals

Fran's Friday Forum...Property Upside Down...Walk Away...???

It’s been a while since I wrote a serious real estate based post, so, in response to a recent question posed on FACEBOOK...

“Do you think it's okay for a homeowner to walk away from their home (loan)?”

Here is my response:

I am neither a lawyer nor a financial counselor.

There may be circumstances that require such action, but I do believe in personal responsibility and personal accountability.

A homeowner is not truly a 'homeowner' until there is no debt owed against a property...until then home ownership is 'shared' with those holding outstanding indebtedness on the property...hence the creditor(s) position must be considered, and in most cases there is at least a moral responsibility to make restitution to creditors.

It is always good advice to seek the counsel of a lawyer or a financial counselor in these matters.

Each case stands on its own...!!!

That’s my viewpoint, but in true Fran’s Friday Forum fashion.......

Have a great weekend...!!!

 

 

8 comments • Fran 'The Title Man' Gaspari Title Insurance-PA & NJ • September 16 2011 11:01AM