When should you walk away from your home, stop paying the mortgage and let your home foreclose? What are the best first steps to take?

If you are worried that you are so behind on your mortgage that you’ll never be able to paydown your debt, you may want to walk away from your home and allow the home to go into foreclosure.

Letting your home go into foreclosure is typically never a good financial decision, however, with increasingly rising interest rates and uncertainty in the future, if you don’t lose your house this year, there is a possibility you could lose your home 2 years from now, effectively destroying any equity you built up.

When should you walk away from your home mortgage?

Knowing when to walk away from your home is the most important decision you’ll make in your life, and there are a couple of questions you need to ask yourself:

  • Are you too stressed out about your mortgage payments that you’re getting physically ill?
  • Do you have little or no equity in your home?
  • Have you had trouble trying to sell your house?
  • Is the price of your home extremely depressed amid the housing recession?
  • What if you could live payment free for up to 8 months or more and walk away without owing a penny?

The most important of those questions is the last one, and really is what makes walking away from your home a sound financial decision for you and your family.

How to walk away from your home safely?

If you are planning to walk away from your home, you are going to allow your property to go into foreclosure and you will need to declare bankruptcy.

  • Your lender WILL NOT be able to call you in attempt to collect!
  • Your lender MAY NOT be able to collect any deficiency or loss they may receive by you walking away! (Select states only)
  • You CAN stay in your home for up to 8 months or more without having to pay anything to your lender!
  • You may even be able to have the foreclosure REMOVED from your credit!

If you are considering walking away from your home, please use our resources and apply for the ability to walk away from your home, and avoid the huge amounts of debt and lost wages and lost equity and money from paying your mortgage only to have your home taken from you by the banks and with them not giving you anything back from your original down payment and equity.

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