I constantly get the saddest e-mails from people saying, ‘I’ve exhausted all my life savings, my retirement is gone, and now I have to default,’ But if they had seen the writing on the wall a couple of years earlier, stopped paying the mortgage and stayed in the home throughout the whole process, they would be in a much better financial position.

Jon Maddux, CEO of a foreclosure agency that helps clients with strategic default (and charges a fee for it).

Read more: What happens when you walk away from your home?

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  1. reuters posted this