They realize the money owed is sometimes greater than twice the value. They understand they may never get above water in their lifetime.
They are waving the "white flag!"
I am not here to argue the “moral” issue regarding meeting commitments. Is it better morally to not pay someone else so they can continue to pay the mortgage?
No, I am not an attorney, a lender or a philosopher. I am only a real estate agent with a realistic view of the circumstances.
Strategic default is a fact of life.
Some look to put it on the market as a short sale rather than default as this is supposedly less of a hit on the credit. Either way, sometimes it makes sense to walk away.
If you are in Viera, Rockledge, or Melbourne Florida and considering a short sale, please drop me an email at firstname.lastname@example.org.
Gary L. Waters, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region. Whether your interest lies in a 55+ community such as Heritage Isle, a golf course community such as Baytree National Golf Links or water front, give me a call!