I was talking with one of my top investor clients a couple days ago and he mentioned he "walked away" (aka foreclosed) from two investment properties last month. The two properties - both Atlanta condos - had lost a combined $250,000 in value over the last 18 months. Meanwhile, the bank holding the note refused to entertain 3 bonafied short sale offers, denied application to modify the adjustable rate mortgage and increased his monthly interest payment $600 a month.
Foreclosing on Your Atlanta Home: A Strategic Approach
For a professional real estate investor who makes his living creating profit in the homes he buys and sells, it was a smart decision. A strategic one, really. Either continue to hemhorage massive amounts of money every month paying interest on a loan financing a sinking ship or simply stop making payments altogether. But what about the milliions of homeowners stuck in the same debt prison? A RECENT ...