Owner Walks-Bank Sells for More Than He Owes

I wish I could wave my majic wand so this doesn't have to happen to more homeowners. I spoke with someonw this past week that had been making extra principle payments way over the regular payment amount during his "good" months, but then when business was "down" he could not not make a payment at all. In essence, he was paying down his priniciple quite rapidly, but when his business did poorly for several consecutive months and he was unable to keep making his payments, he felt his only option was to walk away and let it go into foreclosure. He had no knowledge of where to turn or whom to speak with regarding other options. His leinholder ended up reselling his home without a deficit, so his credit is still perfect and he can now repurchase another home. Dear Homeowner, Please check with your leinholder for options prior to packing up and moving. There are many options out there right now where you may not have to disrupt your family and move. It's always worth a try.