Why would anyone want to let their home go into foreclosure? Many people however are facing this situation but before they let their current home go into foreclosure they will simply go buy another home. Some view this practice as immoral. Maybe it is and maybe it isn't. I would think each person's reasons for considering this solution are very different and can range from a loss of income or relocation where the homeowner cannot hope to sell his home for what he owes to those who simply refuse to pay a mortgage payment every month on a home where the mortgage amount is drastically higher than the home is worth. Is the current real estate market their fault? Is it immoral to want the best for your family? Is it immoral for a homeowner who will most certainly face foreclosure due to unforeseen circumstances to be penalized for those unplanned events?
There are many reasons why someone would consider buying another home then letting their current home go into foreclosure and I for one do not consider myself a judge and jury of other people's decisions. I simply help people buy homes.
This practice of letting a home go into foreclosure after buying another is not new. Every major downswing in the real estate market has experienced this situation and this practice. It's not against the law to let your home go into foreclosure and the consequences are high...ruined credit and limited buying power, not to mention the stigma attached to foreclosure. Despite the pitfalls some people will choose this path. I help people navigate this complicated process.
If you are considering this as a financial solution please do not take my general advice as the the one and only truth. Consult an attorney and/or a tax specialist to determine how a foreclosure can affect your specific situation. There are many instances where my advice may not fit your circumstances. The internet is a vast and endless resource of information and can answer almost any question. If, after investigating other options you feel this is your only alternative please feel free to contact me, I may be able to help. If you are not within my service area I can refer an agent to help you locate a home.