Should You Walk Away from Your Tampa Bay Mortgage and Home?

Is walking away from your Tampa Bay mortgage beginning to sound tempting? Many people today are doing just that. Rather than paying all their hard-earned money on a mortgage that is far more than the value of their home, some Tampa Bay home owners are just packing up and walking away. 2010 is being called “the year of the strategic default”. With many people losing their jobs, facing cut-backs and the cost of living continuing to climb, those with a Tampa Bay mortgage that is a burden may well consider just walking away.

According to the Wall Street Journal, in 2009, one million people stopped paying their mortgage on purpose. Tampa Bay home owners join the rest of the nation with figures coming in at around 25% of people owing 20% more than their home is worth. In the states of Arizona and Nevada the figures are more than 50%.

According to many real estate agents, particularly in California, people should buy the necessities immediately prior to walking out on their mortgage if this is a choice they are going to make. Their idea is to get the message across to banks and they say the only way to do this is if there is a mass revolt.

Many people do not like the idea of walking away from their Tampa Bay home. They feel this is an irresponsible way of handling the situation. This was not an option in years past. People did not do this but today, the practice is becoming much more common. Earlier this year, in New York City, the Stuyvesant Town complex owner stopped paying their mortgage – a $3 billion mortgage.

If you own a Tampa Bay home and this is an option you have been considering, you should talk it over with your real estate agent. They can answer many of the questions you may have concerning your Tampa Bay mortgage. For example, is it worth it to default on your mortgage? Would foreclosure be the better way to go? What rights are you giving up when choosing to merely walk away and stop making payments?

Get the facts before making a rash decision and one that you may end up regretting. This brings to mind the Ohio man that rather than let the bank take the home he had built and lived in for so many years, bulldozed it to the ground. People are getting frustrated as the situation drags on and there seems to be no end in sight.

For more information about homeowner assistance programs, please visit our “Find A Local Counselor” page, complete the form and we’ll be happy to assist you further.