[seattle-relo]

DJNinSD: Like I and others have said, I strongly recommend you speak with an attorney that specializes in real estate. I have heard of attorney’s advocating very strongly for their clients to get a short sale approved.An attorney can also look through your documents to make sure that your loan in nonrecourse.

There was a time when it made sense to buy a home rather then rent, and there are certain generations that looked down on renting, so I can easily understand why you made the choice to buy, even when prices seemed crazy. It also sounds like you have made some sacrifices being a single mom. Now that your daughter is in college, it seems that best thing you can do for her is to get your own financial house in order. You are at a time in your life that having a home paid for by retirement probably won’t happen, so you need to make the best of the 15 or so years left of working to save for your retirement. Over paying for housing doesn’t usually allow for aggressive retirement savings. I don’t feel comfortable saying you should walk, but like I said in an earlier post, take a good look at all the aspects of walking, speak to an attorney, than make the best decision for your yourself and your future. And if you do decide to walk, hold your head up high and know that you made the decision that was right for you.

[seattle-relo]

DJNinSD: Like I and others have said, I strongly recommend you speak with an attorney that specializes in real estate. I have heard of attorney’s advocating very strongly for their clients to get a short sale approved.An attorney can also look through your documents to make sure that your loan in nonrecourse.

There was a time when it made sense to buy a home rather then rent, and there are certain generations that looked down on renting, so I can easily understand why you made the choice to buy, even when prices seemed crazy. It also sounds like you have made some sacrifices being a single mom. Now that your daughter is in college, it seems that best thing you can do for her is to get your own financial house in order. You are at a time in your life that having a home paid for by retirement probably won’t happen, so you need to make the best of the 15 or so years left of working to save for your retirement. Over paying for housing doesn’t usually allow for aggressive retirement savings. I don’t feel comfortable saying you should walk, but like I said in an earlier post, take a good look at all the aspects of walking, speak to an attorney, than make the best decision for your yourself and your future. And if you do decide to walk, hold your head up high and know that you made the decision that was right for you.

[seattle-relo]

DJNinSD: Like I and others have said, I strongly recommend you speak with an attorney that specializes in real estate. I have heard of attorney’s advocating very strongly for their clients to get a short sale approved.An attorney can also look through your documents to make sure that your loan in nonrecourse.

There was a time when it made sense to buy a home rather then rent, and there are certain generations that looked down on renting, so I can easily understand why you made the choice to buy, even when prices seemed crazy. It also sounds like you have made some sacrifices being a single mom. Now that your daughter is in college, it seems that best thing you can do for her is to get your own financial house in order. You are at a time in your life that having a home paid for by retirement probably won’t happen, so you need to make the best of the 15 or so years left of working to save for your retirement. Over paying for housing doesn’t usually allow for aggressive retirement savings. I don’t feel comfortable saying you should walk, but like I said in an earlier post, take a good look at all the aspects of walking, speak to an attorney, than make the best decision for your yourself and your future. And if you do decide to walk, hold your head up high and know that you made the decision that was right for you.

[seattle-relo]

DJNinSD: Like I and others have said, I strongly recommend you speak with an attorney that specializes in real estate. I have heard of attorney’s advocating very strongly for their clients to get a short sale approved.An attorney can also look through your documents to make sure that your loan in nonrecourse.

There was a time when it made sense to buy a home rather then rent, and there are certain generations that looked down on renting, so I can easily understand why you made the choice to buy, even when prices seemed crazy. It also sounds like you have made some sacrifices being a single mom. Now that your daughter is in college, it seems that best thing you can do for her is to get your own financial house in order. You are at a time in your life that having a home paid for by retirement probably won’t happen, so you need to make the best of the 15 or so years left of working to save for your retirement. Over paying for housing doesn’t usually allow for aggressive retirement savings. I don’t feel comfortable saying you should walk, but like I said in an earlier post, take a good look at all the aspects of walking, speak to an attorney, than make the best decision for your yourself and your future. And if you do decide to walk, hold your head up high and know that you made the decision that was right for you.

[seattle-relo]

DJNinSD: Like I and others have said, I strongly recommend you speak with an attorney that specializes in real estate. I have heard of attorney’s advocating very strongly for their clients to get a short sale approved.An attorney can also look through your documents to make sure that your loan in nonrecourse.

There was a time when it made sense to buy a home rather then rent, and there are certain generations that looked down on renting, so I can easily understand why you made the choice to buy, even when prices seemed crazy. It also sounds like you have made some sacrifices being a single mom. Now that your daughter is in college, it seems that best thing you can do for her is to get your own financial house in order. You are at a time in your life that having a home paid for by retirement probably won’t happen, so you need to make the best of the 15 or so years left of working to save for your retirement. Over paying for housing doesn’t usually allow for aggressive retirement savings. I don’t feel comfortable saying you should walk, but like I said in an earlier post, take a good look at all the aspects of walking, speak to an attorney, than make the best decision for your yourself and your future. And if you do decide to walk, hold your head up high and know that you made the decision that was right for you.

[seattle-relo]

The fact that you are asking what a nonrecourse loan is tells me that you need to talk with a real estate attorney about your question whether to stay or walk. There are a lot of legal and tax issues related to foreclosing on your home. A nonrecourse loan means that the bank can only take your home and not come after any of your other assets. In CA (and Texas but the way) the loan that you bought your house with is by law, a nonrecourse loan – a purchase money loan. Not all states have this law. If you have a recourse loan, that means the bank can sue you for your other assets. If you refinaced you nonrecourse loan then becomes a recourse loan…I hope you haven’t refinaced! If you have a nonrecourse loan you don’t have to worry about tax issues either.

[seattle-relo]

The fact that you are asking what a nonrecourse loan is tells me that you need to talk with a real estate attorney about your question whether to stay or walk. There are a lot of legal and tax issues related to foreclosing on your home. A nonrecourse loan means that the bank can only take your home and not come after any of your other assets. In CA (and Texas but the way) the loan that you bought your house with is by law, a nonrecourse loan – a purchase money loan. Not all states have this law. If you have a recourse loan, that means the bank can sue you for your other assets. If you refinaced you nonrecourse loan then becomes a recourse loan…I hope you haven’t refinaced! If you have a nonrecourse loan you don’t have to worry about tax issues either.

[seattle-relo]

The fact that you are asking what a nonrecourse loan is tells me that you need to talk with a real estate attorney about your question whether to stay or walk. There are a lot of legal and tax issues related to foreclosing on your home. A nonrecourse loan means that the bank can only take your home and not come after any of your other assets. In CA (and Texas but the way) the loan that you bought your house with is by law, a nonrecourse loan – a purchase money loan. Not all states have this law. If you have a recourse loan, that means the bank can sue you for your other assets. If you refinaced you nonrecourse loan then becomes a recourse loan…I hope you haven’t refinaced! If you have a nonrecourse loan you don’t have to worry about tax issues either.

[seattle-relo]

The fact that you are asking what a nonrecourse loan is tells me that you need to talk with a real estate attorney about your question whether to stay or walk. There are a lot of legal and tax issues related to foreclosing on your home. A nonrecourse loan means that the bank can only take your home and not come after any of your other assets. In CA (and Texas but the way) the loan that you bought your house with is by law, a nonrecourse loan – a purchase money loan. Not all states have this law. If you have a recourse loan, that means the bank can sue you for your other assets. If you refinaced you nonrecourse loan then becomes a recourse loan…I hope you haven’t refinaced! If you have a nonrecourse loan you don’t have to worry about tax issues either.

[seattle-relo]

The fact that you are asking what a nonrecourse loan is tells me that you need to talk with a real estate attorney about your question whether to stay or walk. There are a lot of legal and tax issues related to foreclosing on your home. A nonrecourse loan means that the bank can only take your home and not come after any of your other assets. In CA (and Texas but the way) the loan that you bought your house with is by law, a nonrecourse loan – a purchase money loan. Not all states have this law. If you have a recourse loan, that means the bank can sue you for your other assets. If you refinaced you nonrecourse loan then becomes a recourse loan…I hope you haven’t refinaced! If you have a nonrecourse loan you don’t have to worry about tax issues either.

[seattle-relo]

Would you guys please tell this poor guy what FB is! 🙂

DJNinSD,
I am sorry that you have to deal with this now, especially at this stage in your life. Most people who bought in the past few years didn’t expect that there home value was going to drop, especially not as much as it already has and will in the next couple of years. But the reality is that values have dropped and will continue. Walking away from your mortgage is a big deal. There are some serious things to consider: how will this effect my credit and how will I feel about myself after I do it. A bad credit score can leak out into other parts of your life: new employment opportunities, credit card rates,who will rent to you, and insurance. It may also effect the type of school loans your daughter can get for college ( you should check this out, I am just speculating). A high level engineer friend of my husband recent had to have his credit checked by his employer of 10 years because they had just begun a new policy to check the credit for job candidates and thought that it would only be fair to require a background check of all the current employees. Apparently one employee had some serious credit issues plus a federal tax lien. Due to his credit issues some of his dutites were taken away and he was put into a different position. I am not sure if his salary was lowered, but it certainly was an issue and very embarassing.

The posters on her are correct that you do have the right to walk from your mortgage. And I can understand your frustration and anger. I suggest you look at all the consequences, beyond just not living in that house or being able to buy another for a long time. So people on this site believe that it will be “vogue” to have a foreclosure on your credit and that in a few years it won’t be such a big deal. Perhaps they are right, but you can’t be sure…there could be a chance that you won’t be a homeowner again for many, many years. or that the interst rate you can get is so high that it just doesn’t make sense.

You need to take a hard look at this option from all angles, not just the obvious financial savings you would get from walking from your mortgage.

Good luck to you.

[seattle-relo]

Would you guys please tell this poor guy what FB is! 🙂

DJNinSD,
I am sorry that you have to deal with this now, especially at this stage in your life. Most people who bought in the past few years didn’t expect that there home value was going to drop, especially not as much as it already has and will in the next couple of years. But the reality is that values have dropped and will continue. Walking away from your mortgage is a big deal. There are some serious things to consider: how will this effect my credit and how will I feel about myself after I do it. A bad credit score can leak out into other parts of your life: new employment opportunities, credit card rates,who will rent to you, and insurance. It may also effect the type of school loans your daughter can get for college ( you should check this out, I am just speculating). A high level engineer friend of my husband recent had to have his credit checked by his employer of 10 years because they had just begun a new policy to check the credit for job candidates and thought that it would only be fair to require a background check of all the current employees. Apparently one employee had some serious credit issues plus a federal tax lien. Due to his credit issues some of his dutites were taken away and he was put into a different position. I am not sure if his salary was lowered, but it certainly was an issue and very embarassing.

The posters on her are correct that you do have the right to walk from your mortgage. And I can understand your frustration and anger. I suggest you look at all the consequences, beyond just not living in that house or being able to buy another for a long time. So people on this site believe that it will be “vogue” to have a foreclosure on your credit and that in a few years it won’t be such a big deal. Perhaps they are right, but you can’t be sure…there could be a chance that you won’t be a homeowner again for many, many years. or that the interst rate you can get is so high that it just doesn’t make sense.

You need to take a hard look at this option from all angles, not just the obvious financial savings you would get from walking from your mortgage.

Good luck to you.

[seattle-relo]

Would you guys please tell this poor guy what FB is! 🙂

DJNinSD,
I am sorry that you have to deal with this now, especially at this stage in your life. Most people who bought in the past few years didn’t expect that there home value was going to drop, especially not as much as it already has and will in the next couple of years. But the reality is that values have dropped and will continue. Walking away from your mortgage is a big deal. There are some serious things to consider: how will this effect my credit and how will I feel about myself after I do it. A bad credit score can leak out into other parts of your life: new employment opportunities, credit card rates,who will rent to you, and insurance. It may also effect the type of school loans your daughter can get for college ( you should check this out, I am just speculating). A high level engineer friend of my husband recent had to have his credit checked by his employer of 10 years because they had just begun a new policy to check the credit for job candidates and thought that it would only be fair to require a background check of all the current employees. Apparently one employee had some serious credit issues plus a federal tax lien. Due to his credit issues some of his dutites were taken away and he was put into a different position. I am not sure if his salary was lowered, but it certainly was an issue and very embarassing.

The posters on her are correct that you do have the right to walk from your mortgage. And I can understand your frustration and anger. I suggest you look at all the consequences, beyond just not living in that house or being able to buy another for a long time. So people on this site believe that it will be “vogue” to have a foreclosure on your credit and that in a few years it won’t be such a big deal. Perhaps they are right, but you can’t be sure…there could be a chance that you won’t be a homeowner again for many, many years. or that the interst rate you can get is so high that it just doesn’t make sense.

You need to take a hard look at this option from all angles, not just the obvious financial savings you would get from walking from your mortgage.

Good luck to you.

[seattle-relo]

Would you guys please tell this poor guy what FB is! 🙂

DJNinSD,
I am sorry that you have to deal with this now, especially at this stage in your life. Most people who bought in the past few years didn’t expect that there home value was going to drop, especially not as much as it already has and will in the next couple of years. But the reality is that values have dropped and will continue. Walking away from your mortgage is a big deal. There are some serious things to consider: how will this effect my credit and how will I feel about myself after I do it. A bad credit score can leak out into other parts of your life: new employment opportunities, credit card rates,who will rent to you, and insurance. It may also effect the type of school loans your daughter can get for college ( you should check this out, I am just speculating). A high level engineer friend of my husband recent had to have his credit checked by his employer of 10 years because they had just begun a new policy to check the credit for job candidates and thought that it would only be fair to require a background check of all the current employees. Apparently one employee had some serious credit issues plus a federal tax lien. Due to his credit issues some of his dutites were taken away and he was put into a different position. I am not sure if his salary was lowered, but it certainly was an issue and very embarassing.

The posters on her are correct that you do have the right to walk from your mortgage. And I can understand your frustration and anger. I suggest you look at all the consequences, beyond just not living in that house or being able to buy another for a long time. So people on this site believe that it will be “vogue” to have a foreclosure on your credit and that in a few years it won’t be such a big deal. Perhaps they are right, but you can’t be sure…there could be a chance that you won’t be a homeowner again for many, many years. or that the interst rate you can get is so high that it just doesn’t make sense.

You need to take a hard look at this option from all angles, not just the obvious financial savings you would get from walking from your mortgage.

Good luck to you.

[seattle-relo]

Would you guys please tell this poor guy what FB is! 🙂

DJNinSD,
I am sorry that you have to deal with this now, especially at this stage in your life. Most people who bought in the past few years didn’t expect that there home value was going to drop, especially not as much as it already has and will in the next couple of years. But the reality is that values have dropped and will continue. Walking away from your mortgage is a big deal. There are some serious things to consider: how will this effect my credit and how will I feel about myself after I do it. A bad credit score can leak out into other parts of your life: new employment opportunities, credit card rates,who will rent to you, and insurance. It may also effect the type of school loans your daughter can get for college ( you should check this out, I am just speculating). A high level engineer friend of my husband recent had to have his credit checked by his employer of 10 years because they had just begun a new policy to check the credit for job candidates and thought that it would only be fair to require a background check of all the current employees. Apparently one employee had some serious credit issues plus a federal tax lien. Due to his credit issues some of his dutites were taken away and he was put into a different position. I am not sure if his salary was lowered, but it certainly was an issue and very embarassing.

The posters on her are correct that you do have the right to walk from your mortgage. And I can understand your frustration and anger. I suggest you look at all the consequences, beyond just not living in that house or being able to buy another for a long time. So people on this site believe that it will be “vogue” to have a foreclosure on your credit and that in a few years it won’t be such a big deal. Perhaps they are right, but you can’t be sure…there could be a chance that you won’t be a homeowner again for many, many years. or that the interst rate you can get is so high that it just doesn’t make sense.

You need to take a hard look at this option from all angles, not just the obvious financial savings you would get from walking from your mortgage.

Good luck to you.

[Author]

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