Recently I sent out a mailing to homeowners whose homes had recently sold at a sheriff's sale. The intent of the mailing was to gauge interest of these homeowners in trying to save their credit by pursuing a short sale offer to negotiate with their lender before the end of the redemption period.
I received a return call from one homeowner who stated that he was 'not interested in helping out the bank' as they did nothing to help him out when he needed it. He was also not interested in inconveniencing his family for showings over the next few months trying to sell if he didn't have to. While I can certainly empathize with folks that have initiated conversations with their lender, trying to get help with their mortgage situation before it comes to default, I have a hard time understanding why a person would want to purposefully jeopardize their credit situation just to 'stick it to the bank'.
Foreclosures certainly do affect a bank's bottom line and will not improve the business' standing. However, foreclosures also hurt the surrounding community the home resides in and harms them more in the long run than the foreclosure hurts the bank. A bank has ways of dealing with the repossessions in the form of tax write offs, depreciation of the asset, etc. With foreclosures at an all time high, neighborhoods across the country are losing their stability due to an increasing number of vacant and vandalized homes. The community pays the price with the loss of neighbors, increased vandalism and homes that are left in disrepair. In the end, it's our neighbors and communities that suffer from a foreclosure, not the bank.
When you're trying to decide how to move forward with your mortgage stress do keep in mind that there really isn't a way to 'stick it to the bank' without hurting your community at the same time.
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