Here’s the homeowner “Bailout” for those of you upside down in your property. Stop paying the mortgage and save the money for a new place. I cant be the only one who thought of this. Banks are so hesitant to take action that you could stay in your house for over a year, rent free. Maybe longer. But you’ll need to protect your credit rating somehow. Maybe the wife gets arms length from the house and keeps her FICO in good shape? Not sure about this part.
Anyway, you’ll get at least 2 weeks notice before a physical eviction and a month or so on the written. Plenty of time to “bailout” before the sherrif arrives.
Hey, if you have a HELOC, drain it out to a bank account and have that much more to buy with.
