Must watch video:
Here is the bottom line…according to this professor..not only has the negative social stigma of a foreclosure gone away…but, now doing a strategic default (short sale or foreclosure) is seen as being financially smart…
What’s YOUR opinion? Please comment below.
My opinion is the banks should really strive to offer loan modifications and short sales. But if the homeowners make a decision to just walk away without attempting a loan modification or short sale there should be HUGE consequences to pay.
I agree. I blogged about it as well. Seems to me the responsible thing to do is ride it out or work out a deal.
Yes, give it your best try to work something out. Then as a last resort do a short sale.