I had a nice phone call this morning from one of the folks who owns my Mortgage Relief Formula. Tom from Ashtabula, Ohio. He purchased my home study course because he intends on buying houses, fixing them up and selling them. He wants to buy right and sell right.

There is still a lot of money to be made in real estate. Perhaps more than ever. He told me about a couple next door who walked away from their mortgage. Walk away from your mortgage — how tempting. But is it a good idea?

First, if you walk away from a mortgage there will of course be consequences as to your credit. Second, if you have two loans, the first lender may be able to get a deficiency judgment against you and the second mortgage holder almost certainly can.

Why put yourself through this?

Why not do a mortgage short sale instead. A mortgage short sale when you have a second mortgage beats walking away from your mortgages. It lets you negotiate with your lenders. I teach you how to do this in my home study course. You can also get someone else to negotiate the short sale for you.

A short sale gives the lender something in terms of money. They don't get your house back. They are happier getting some money than they are getting your house back. They may agree to let you out from under so you can preserve your credit or even improve it. You can start over. I teach you how to take advantage of today's awful market to buy a house with no money down and no credit qualifying. It is done all the time.

But back to walking away from the mortgage…do a short sale instead but one thing I don't recommend is using a realtor to both do your short sale and also sell the house. The short sale requires you to sell the house and get the lender to approve — two separate steps. I recommend you get two different people to help you. Most Realtors are not good at the whole lender approval part.

So when you are thinking of walking away don't — think short sale instead. And instantly watch my valuaable free video on alternatives to walking away from a first or second mortgage, getting out from under credit card debt and much more. I never share your info with anyone and you can opt out anytime.

Remember, over 15,000 homes are owned by Countrywide, homes they repossesed from homeowners.

Mortgage interest rates are up. That's right…up.

As Dr. Housing Bubble reports,

Case and point. Foreclosures jumped an amazing 75 percent in 2007. More than 2.2 million foreclosure filings occurred on 1.3 million individual properties. This number is simply staggering given that in 2006, 0.58 of all households found themselves in foreclosure while in 2007 the rate doubled with over 1 percent of households now reporting some stage of foreclosure.

It is a great time to sell a house.

Free video on short sales, avoiding personal liablity, and keeping good credit

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