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Walking Away From A Mortgage

I have noticed many more homeowners are deciding to just walk away from their mortgages due to the decline in the value of their home. A recent study  reveals that those who take this route are dealing with the value of their home being 75% or less than the amount of the mortgage balance they owe. The scary part here is that the present number of homeowners in this category is approximately 4 million. If the real estate market slides further as it is expected, this number could rise to around 5 million. This will further impact the recovery in real estate. There is no real easy answer here. One thing that is clear is that the sooner the lenders accept these losses once the borrower defaults, the sooner the real estate market will stabilize.

If you or someone you know is facing circumstances similar to these, please contact the Law Office of William J. Reinhardt, Jr. at [email protected] or call me at 718-377-8880. I will review your circumstances and advise on a plan of action that best suits you and your family.

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  • "My name is Emilio. When I was buying my property, I hired Mr William J Reinhardt Jr as my Real Estate Attorney, it was one of the best decision I ever made because he did everything in his power to make sure my purchase was successful. For example, The utilities bills left over by the person who owned the property before me. I said thank you to Bill for not allow me to pay these costly bills." - 5.0 stars | Posted by Emilio Bien Aime | October 1, 2019

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