Recently I’ve been getting back into music and I’ve started singing with a band. One of our songs happens to be an ELO (Electric Light Orchestra) favorite of mine called Hold On Tight, which fits real estate too since a lot of people are holding on tight to their homes and the market has tightened up a bit too, especially in the financing sector.
But there is another song from ELO called Don’t Walk Away (from the movie Xanadu that almost all girls my age loved in 1980) that fits the real estate field just as well.
It answers the question of “What happens if you walk away from a home and a loan versus negotiating debt forgiveness?” An article in REALTOR.com online highlights some of the differences for those homeowners and borrowers that walk away from their homes versus working out a debt forgiveness option with the bank. To learn more, read about it here. Basically, it’s tougher right now on your credit if you walk away. The article will give you the guidelines to consider.
