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BESIDES the obvious ding to your credit score, how did it go?? Were there a lot of fees and penalties that were unforeseen? Did the lenders come after you for the deficiency in sale price or did you just get taxed on the deficiency? Please tell details. I am one of the suckers who got 100% financing in 2004 when they were giving away money. I've paid interest only this whole time, too. Now home prices are WAY down. I have a wife and baby now and my condo is way too small. Obviously, I can't sell for anything ANYWHERE near what I owe.There is no way to keep it as a rental. My monthly nut is more than twice what it could rent for. I gotta go, plain and simple! Anything you can tell me will help. Thanx
I live in ohio and my best friend is a real estate agent...she told me that folks are doing this all the time...just packing up the joint, and leaving keys on the floor and taking off. However, I have not asked her what the ramifications are later. If you plan to do this, get the hell out of CA. I have already told myself, if and when the crap hits the fan for me, I may use that option also, but I would work two jobs before I let that happen. I would do everything in my power to make things work before I walk away like that. When you really think about it, you can't take your credit with you into this next life, so I would not worry about the stigma. Not in this day and real estate market age. Maybe your wife could take a part time job and just like another writer says, see if you can renegotiate your payments. If you are past that point, then do what you must. You have to live. I don't think they will go after you. They would just foreclose on you, however, I don't know if they can ding you later when you pay your taxes. Do some more research before you make your move, but frankly, I am in agreement with you if this is your only option. Good luck
Walking away is not as good as a short sale. The law may change soon so you won't pay tax on the "forgiven" amount if the bank allows you to sell the property for less than the mortgage. Watch the Sunday paper for Realtors specializing in short sales because many have lots of experience dealing with bankers and know how to negotiate in your behalf. Watch out for weekend warriors that just had a crash course, make sure they know the territory before signing a listing. If you walk, you would owe the bank's fees to sell, delinquent payments, any liens, and potentially back property tax. Bankruptcy will live at least 10 years on your credit report and is not easy to get with the tightened rules. The down market should resolve itself by the end of '09 if you can wait that long.
It's no longer unexpected quite. People were ready to get a loan on this nation with out an SS quantity for approximately ten years now. Contrary to public opinion, it was once no longer the Republican President, however the Democratic congress that driven to decontrol the lending enterprise. We in America have a protracted culture of blaming the president for all of the issues whilst ignoring the congressmen and senators at the back of the scenes.
I don't live in Ca...But I would go to your bank and try to negotiate your monthly mortgage. A lot of times the banks can be very receptive...Let them know that you are having a hard time making the mortgage payments as they are and would like to find a way to lower them before you start defaulting on the loan. If you can get the mortgage lowered enough then you might be able to rent and get into a larger home. It wouldn't hurt to try this first. Good Luck.
Don't walk away from this. You are obligated to pay and could ruin your credit for life. They would foreclose on you and you would be unable to buy anything else! You did not think through what you were doing in 2004 and realized that if it is too good to be true, then it probably is!