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Strategic Defaults: Many Are Choosing To Walk Away

Posted on May 09 By Justin McHood

Because I live in one of the "sand states" where many homeowners are finding that they have lost 50-60% of their home value since they bought it, I am constantly being asked questions about "whether or not you think I should walk away".

And the real answer is... it is a very personal decision -- and no one can really tell you what you should or shouldn't do.

But it is becoming enough of an issue that "60 Minutes" decided to do a story on it -- and oddly enough, many of the stories they highlighted were right here in Arizona.

But one thing they didn't cover in the story is that if you find that you are underwater in your house and are considering walking away - if you don't make the decision today, the same decision will be in front of you for quite some time.

Home values are expected to rocket up anytime soon -- and so if you find yourself in the situation where your home has lost a significant portion of its value since you bought it... only you can decide what is right for you in your individual situation.

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1 Responses to "Strategic Defaults: Many Are Choosing To Walk Away"
  1. Craig Ballhagen 18, Aug, 2009

    Many sellers think that appraisers should ignore the foreclosures because they don't reflect the "real" market. But they do. If they really wnat to sell, they will need to make the adjustment. thanks

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