2012 IS THE YEAR TO DECIDE WHETHER TO SHORT SELL, WALK AWAY OR STAY
Since real estate values began dropping in 2006, many homeowners have been trying to hold on to their homes hoping that the market would turn around or that they may be able to modify their existing mortgages pursuant to one of the various modification plans for which few, if any, people qualify. Many people already have reached the decision that they need to get out from under their underwater houses, and have either walked away and let the property go to Trustee’s Sale or have sold their property in a short sale. If you have been on the fence whether to unload your underwater home, now is the time to get off the fence and get on with your future. 2012 is the last year for a very important tax break for those people that are walking away from mortgage debt.
