FAQ: So many of my friends have just walked away from their homes. They said it was much easier. Why should I bother to short sell? Answer: After consulting an attorney and tax advisor, you may find that a short sale is in your best interest if it is determined that you will not have future deficiency or tax liability. Some reasons to short sale instead of just walking away: 1. Occasionally, the lender doesn't foreclose when they say they are. So, you move out of the home and it could remain in your name for months/years to come. By staying in your home, you are caring for it. Vandals or sometime bored kids take advantage of vacant homes. This could be easily avoided if those in foreclosure weren't so quick to vacate. 2. By selling your home, you are helping to preserve property values. A neighborhood with overgrown weeds and shuddery doesn't increase home values. 3. If you have an HOA, you could be personally responsible for C,C & R fines and assessments far beyond when you thought you might have been relieved of them. Sometimes, when the home reverts back to the bank, it is not clear who owns the home. Many HOA property management companies will hold you responsible until you can prove that the home isn't yours any longer and sometimes this isn't an easy task.
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