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With values still falling in many markets, some homeowners are considering renting their home, rather than selling. Do you find yourself in this category? If so, here's a roundup of some recent Zillow Blog posts to help you navigate this new reality.
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Your Home Won't Sell? Rent It! A growing number of financially pinched homeowners -- reluctant to sell their home at a loss -- are choosing instead to rent their properties. Is becoming a landlord for you? Read full story... |
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12 Steps to Get Your Property "Rent- Ready." "Rent ready" means the property has been cleaned, repaired, or remodeled and that it's in rent-able condition for new tenants. Here is a 12-point checklist to follow. Read full story... |
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How Will I Know if Tenants Are Maintaining My Property? One way you can handle this is to hire a property management company. Find out how to choose the right one to handle your needs. Read full story... |
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Investing in Real Estate -- What is a "Good Deal?" Whether renting your own home, or buying an investment property, make sure you do the math on whether it will be worth it for you in the long run. Read full story... |
Is It Time To Walk Away ?
Many have walked away from their obligation. Curious as to what the consequences of walking away from your mortgage would be? With an estimated 11 million people underwater on their mortgage, (owing more on their mortgage (ix) than their home is worth), even the ELITE (iv) credit-worthy consumers are considering walking away from their mortgage. “Walking away from a mortgage,” or what’s known as a strategic default (iii) , usually results in either a short sale or foreclosure, AND conplease likewise consider the following additional consequences of walking away from your obligation:
- Impaired credit
- Deficiency (v) risks
- Tax consequences
- Moving costs
- Professional / Personal implications
Impaired Credit Most people are aware that walking away from a mortgage will mean that their FICO (i) SCORE aka CREDIT SCORE will be adversely hit. What some may not be aware of is that there is very little difference between short selling and foreclosure. At least as it relates to how it impacts your FICO SCORE aka CREDIT SCORE. The main difference is the duration of time which must pass prior to regaining sufficient credit worthiness to qualify to purchase another home. It is also common for credit card companies to either cancel your credit cards or lower your credit limit. This of course increasing Debt to Balance (DTB) ratio which plays a significant role in determining your FICO SCORE aka CREDIT SCORE. You are likewise likely to face difficulties obtaining financing (iv) for other larger ticket items such as cars or furniture. For more information as to how your FICO SCORE aka CREDIT SCORE is calculated and how perhaps you may be able to improve upon your FICO (vii) SCORE aka CREDIT SCORE please click HERE.
Deficiency Risks Depending on which state you reside in, there are varying deficiency risks associated with simply walking away from your mortgage. (See anti-deficiency laws by state (v) ) Translation: Your lender may sue you for the difference between what you owe and what your short sale or foreclosure proceeds were. Anti-deficiency protection is limited to just a few f states and even if your state has anti-deficiency laws in place, do NOT assume think you are free from deficiency risk (ACCOUNTABILITY). Only a real estate attorney can accurately provide you with specific advice for your situation. Do NOT rely on your neighbor’s advice or your brother-in-law who just short-sold his / her house and recommends that you should be okay by just walking away.
Tax Consequences If you are considering walking away from a mortgage on your primary residence, there is a chance that you may have tax liability. If you are considering walking away from a mortgage on a second home or investment property, there can be a significant tax liability and you should consult your tax accountant.
Moving Costs One of the commonly under-estimated consequences of walking away from a mortgage is the HASSLE & expense of moving.
Professional (vii) Implications Depending on what you do for a living, you may have personal / professional consequences as a result of walking away from a mortgage. There are numerous professions whereby your credit profile plays a role & it is an ever growing occurrence. Ultimately upon making the decision to walk away from your mortgage, consider the consequences be fully informed of what the consequences are of walking away from a mortgage.
Please click HERE to return to topRequest your FREE annual credit report. It's QUICK, EASY and SECURE.
Previously we spoke of your FICO SCORE aka CREDIT SCORE. IMHO however it is of greater significance for you to check your credit report regularly than it is to check your FICO SCORE aka CREDIT SCORE. Your score will be determined based on each bureau’s proprietary equation but the data they use, is the critical piece of the puzzle. That data is revealed within your CREDIT REPORT (vii) . Reviewing your report regularly is the best way to ensure that whatever score you have is accurate. Millions of reports have errors and chances are good that you have one if you haven’t checked your report lately.
Reviewing your CREDIT REPORT (vii) is also important because you can spot identity theft fairly easily because you’ll see accounts or addresses that you don’t recognize. HERE is the link to the central site which allows you to request a FREE credit file disclosure, commonly called a CREDIT REPORT, once every 12 months from EACH of the nationwide consumer credit reporting companies:
- Equifax
- Experian
- TransUnion
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