It seems that some believe the wealthy among us have the ability to walk away from an upside down mortgage and not be as concerned about the ramifications of a credit hit. I read last week that one is seven million dollar plus mortgages is delinquent (vs. one in twelve under the million dollar mark).
I don't believe the wealthy are more ruthless but rather just have the resources available to easily move on with their lives after a default or foreclosure.
The ability to continue to live without having to borrow may be the only difference. A it is this difference , I believe, sometimes forces the non-wealthy to continue paying a mortgage even while other bills go unpaid!
Circumstances change. Jobs are lost, income reduced, death, major illness..hardships that make getting out from under a mortgage a necessity - not a choice.
In these hardship cases there are are options available. The short sale is an option. The deed in lieu of foreclosure is an option. Talk with your lender. Consult a real estate attorney. Call a real estate agent who understands the short sale process.
Are the rich different than anyone else? I think W.C. Fields summed it up rather appropriately when he said
“A rich man is nothing but a poor man with money.”
If you are in County Florid and a short sale is a possible consideration, contact me to discuss how we can assist you.
If you are a buyer looking to purchase a short sale, call me at 321-693-3850 (email me). There are short sales available as condos on beach, in golf course communities like , 55+ communities like Heritage Isle…most communities in County, in all price ranges!
Gary L Waters , Florida licensed real estate agent, Century 21 Realty, , Florida