A friend of mine had a mortgage on his home that he couldn’t pay, and he had to leave. Rather than letting him leave his home and staying in debt, I advised him to look for short sales in Brooklyn NY. He had no idea what a short sale was, so I explained it to him. He was able to find a company to carry out the short sale for him and in the process, he avoided foreclosure and now only has to pay back a little bit of the debt that he originally owed.
I let my friend stay in my home while he looked for a new place to live. The home he bought was in a neighborhood where the property taxes were incredibly high. When he first bought the home, he payed a lot for it, but he didn’t but it outright. He wanted to live in a cheaper neighborhood and rent an apartment. He thought that things will be more convenient for him if he moved somewhere that was closer to the city, which is where he works and does most of his shopping. To him, hunting for the apartment was more work than dealing with the short sale.
Eventually, my friend found a nice one bedroom apartment with a full bathroom, living room, and kitchen. It was a downgrade from the home he previously had, but it was still worth living in. The apartment complex even had its own swimming pool and tennis court. My friend didn’t know how to swim or play tennis, but he was willing to learn since the pool and court were available to all residents. I might come over and teach my friend how to swim. He’ll have to learn how to play tennis on his own, but I can show him a few strokes.