On the credit thing flu mentions, just make sure your potential gain is hundreds of thousands. No point in destroying your credit score for a few thousand.
On the risk of not getting the mod, I am skeptical it’s a lot of risk. I recall on Calc Risk, when Tanta was asked about “ruthless defaults” and all that, she responded by saying that non-recourse provisions could be pierced if abused, and there were taxes on debt forgiveness outside of bankruptcy. Now we see that was all a joke, just to scare the masses into following rules that were so lax they were unenforceable. Why? To keep the rules lax and home prices high.
But I admit I’d get an attorney or real expert to go over the whole thing.
