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VIDEOHomeowner S.O.S. Answered
By
Laurie Petersen Mar 27, 2009 9:00 am
What's it worth to walk away?
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Doing our annual tax strategy session, he helped my cash flow problem by determining my expenses are so high I can safely take 12 withholding exemptions – possibly even 13. That’s up from 9.
Then we got down to the real business and started talking about how to eliminate my personal tsunami – the housing problem that never ends. He said I’m the third person he’s seen this month with the desire to just walk away from their mortgage -- credit score ratings be damned.
Contextually, this guy’s practice is in a grassy Bergen County bedroom community. When I go there, it feels like a day at a spa. The conversation is like a mental massage.
After talking me back in from the ledge, he left me with a provocative question: What is it worth to you to walk away?
I’m noodling that question and sprang into action this week. I’ve assembled a new Team Laurie to help. So far it consists of a real estate attorney my accountant recommended who’s experienced in negotiating so-called “short sales” and my Realtor friend who knows the local market inside and out. I may need to tap another environmental expert at some point because the Department of Environmental Protection is involved.
Is a better quality of life worth the effects of a besmirched credit rating? Is a short sale even necessary? How much equity will really be left on the table? Is refinancing and renting an option? At this point, who can predict the future?
I’ll fill you in on the results after my consultation with the attorney, Mr. Roughgarden (Don’t you love that name?) We’re scheduled to talk next week and he has 5 active cases on his desk. He seemed excited at the challenge my situation presents and said he has some ideas.
As my boss Toddo would say, we’ve got to go through it to get through it. So I’m taking you along for the ride. Enough of you have emailed me privately that I know there’s a collective interest out there in this topic.
I encourage you to weigh in on The Exchange.
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