I just saw a horrible story in the news about what happens when people understand how a short sale works. According to the article in the Daily Mail, then story starts with someone who was probably upside down and couldn't sell his home. This guy had a $3.5 Million Dollar Home and couldn't afford it. It sounds like he had had it on the market for a while and it wasn't selling.
This guy is behind on payments and upside down. He obviously decided that his best option was to burn the house down. So, he burns the house down. Someone finds out and he is convicted of arson. He is sentenced to prison for 16 years. Right after his sentencing he takes a pill and dies in what looks like a suicide.
Here is what is so sad. This guy could have simply short sold his home and walked away. If you are upside down on your home and behind on payments, don't try to burn it down! It just isn't worth it! There is a very good chance that if he had short sold his home, then his lender would have forgiven the debt. If not, then he could declare bankruptcy and wipe out the debt that way.
He would have been eligible to buy another home in 3-5 years, and seven at the most. Problem solved! Instead this guy just kept on making bad decision after bad decision and ended up dead! Please contact me if you are upside down, cannot afford your home, and are concerned about a deficiency judgment. I will explain your options and the likelihood of a deficiency.
If I think there is a chance of a deficiency, then I will recommend that you talk to a bankruptcy attorney. They will explain whether or not you can wipe out the debt with a bankruptcy. These are much better options that doing stupid, crazy things like burning your house down.
This guy is behind on payments and upside down. He obviously decided that his best option was to burn the house down. So, he burns the house down. Someone finds out and he is convicted of arson. He is sentenced to prison for 16 years. Right after his sentencing he takes a pill and dies in what looks like a suicide.
Here is what is so sad. This guy could have simply short sold his home and walked away. If you are upside down on your home and behind on payments, don't try to burn it down! It just isn't worth it! There is a very good chance that if he had short sold his home, then his lender would have forgiven the debt. If not, then he could declare bankruptcy and wipe out the debt that way.
He would have been eligible to buy another home in 3-5 years, and seven at the most. Problem solved! Instead this guy just kept on making bad decision after bad decision and ended up dead! Please contact me if you are upside down, cannot afford your home, and are concerned about a deficiency judgment. I will explain your options and the likelihood of a deficiency.
If I think there is a chance of a deficiency, then I will recommend that you talk to a bankruptcy attorney. They will explain whether or not you can wipe out the debt with a bankruptcy. These are much better options that doing stupid, crazy things like burning your house down.
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