It’s not uncommon for people to tell me they feel bad about doing a short sale – that they have an obligation to their lender and feel like by doing a short sale they aren’t honoring their commitment.
While this is a noble sentiment – as I’ve written here many times before – it’s a very one-sided sentiment.
CNBC reports on the findings of US Treasury Departments Kenneth Feinberg, who listed 17 companies that took TARP money, then turned around and made what he labels “ill-advised payments” to employees. More times than not, those ill advised payments were in the form of CEO bonuses. Most, undeserved.
That some of those CEO’s were then quick to turn around and lecture their customers about the “social and moral” responsibility of continuing to make payments reeks of hypocrisy.
While I won’t disagree that when you take out a mortgage, you’ve entered into an agreement and you should do your best to honor it, the realities of today’s market often don’t allow for that.
So do a short sale. Attempt a loan mod. And if you bank is one of the 17 on this list, do so without an ounce of remorse…
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