Walking Away is O.K., but a Short Sale is Better

Another great article from the WSJ. Brett Arends talks about one of my favorite topics - walking way from your mortgage. I think the article covers all the bases, especially the moral argument, I so won't keep you from it with my own dribble. But, I do think it's worth attempting a short sale first. While the feeling of truly sticking it to the bank is one clearly worth the experience, you still have to think about yourself. True, the banks might not be pursing deficiencies en masse at the moment, but who knows what will happen. I've heard rumors the new Foreclosure Alternatives Program launched by the Obama administration may very well prohibit lenders from getting a deficiency judgment. Until we know more, look out for #1 and stick it to #2. Or something like that...