Should I Just Walk Away from My

Royal Palm Beach Home?

Nestor Gasset and Katerina GassetInternational Properties and Investments LLC

Should I just walk away from my Royal Palm Beach home?

Leaving a home that you have grown to love – especially one you have also spent your childhood and

most years of your life in – is a heart-wrenching thing to do.

But if the threat of foreclosure looms, walking away from your Royal Palm Beach home may be the best solution

all around.

Bad Credit

In fact, that’s saying it lightly. Depending on your pre-foreclosure credit score, you could end up getting a below average credit score that will practically cross you from

every lender’s book.

Worse, foreclosures are not the type of financial transaction that’s easy to wipe out from your record. It will remain there

for years to come.

Loan Applications

A pre-foreclosure loan is hard enough to get as it is.

Imagine how more difficult it would be if you ended up needing a loan after foreclosure.

You have to understand that foreclosures – no matter the circumstances – are a mark against you.

They will not in any way endear you to any private lender or banker. If you do get a loan, rest assured that its interest

rates and terms would be a lot more demanding than usual.

Tax Bills

Granted, you won’t pay a penny when your home is subjected to foreclosure proceedings. That’s your

lender’s problem.

Your problem starts when the next tax period comes along since the amount of debt which has been forgiven

is taxable in the eyes of law.

Job Employment

If you do not walk away from your Royal Palm Beach home, then yes there’s a good chance that you will be

able to enjoy living in your own home “rent-free”.

But all good things come to an end, and your rent-free vacation will end once the court reaches a decision

about your case. After that, you would have lost your home for good.

With a foreclosure marked against you, it would be more difficult for you to apply successfully for a job.

If, however, you had chosen to walk away – such as by short selling your home – you would have just lost your

home a little earlier than expected.

On the other hand, you would have avoided having foreclosure marked against you and your job prospects

would significantly improve.

When considering the consequences of foreclosure, it’s very important to look at it on the long-term.

Don’t allow yourself to dwell too much and too long on what will happen on the short term.

If you do, losing your Royal Palm Beach home will probably be the least of your worries.

To find out what your foreclosure options are, contact your Royal Palm Beach short sale agents- Nestor Gasset

and Katerina Gasset at 561-753-0135 today.

Nestor Gasset & Katerina GassetRealtors®, REOS, CIPS, SFR, GRI, ABR

1021 Cherry Lane,Wellington, Fl, 33414

561-753-0135brokernestorg@gmail.com

www.floridaipi.com