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Walking Away

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 ...

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