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Should I walk away. 40k upside down 20000 in immediate repairs no loan mod assistance

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April 28 2010 - Vancouver
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Answers (8)

Considering this question was posted in April of 2010, the OP has probably made a decision by now.

If not, real estate attorneys are a good resource and typically don't charge a huge amount for a consultation.
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February 19 2011

If you choose to walk away from your home and mortgage you will find you self living in a rental property for a very long time.  You will then never be able to paint a wall the color you want or choose new carpeting or simply make a decision BEFORE you call you Landlord and ask for permission... How will that feel that you will for many years to come have to ask permission for every thing you want to do in your home.  I am a home owner and I would do want ever I had to do to keep my home.  Take in a border, get a second job, or a third.  Turn off the cable , turn off the internet, cut back on everything to keep your home !
Charlene Johnson
"M&T Bank- Home Loans"

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February 16 2011
Profile picture for Dan Tabit
In most cases walking away would be the worst choice. Loan modifications take persistance, don't take the first no for an answer.  If you still don't expect this, consider a short sale.
Only use and agent very experienced with short sales, not a first timer. 
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April 28 2010
If you can still afford the payments, I would not walk away.
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April 28 2010
40k upside down is nothing compared to the vast population that are making payments on homes they paid more for then what they are worth today.

The important question is how far behind on payments are you, if any?
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April 28 2010
You can do an FHA loan quicker than a conventional after a foreclosure. Getting another loan is going to be very difficult for a very long time. My personal belief is that the only time people should walk is when they simply cannot afford to make the house payments anymore. Everyone is feeling the pinch, mailing the keys in on your house is not the answer. My belief is, I will never regret doing everything I can to keep my credit in tact, but I will definitely regret it if I do not. Just my opinion.
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April 28 2010
I agree with Josh.  It is a personal decision.  Is the amount of money you are walking away from going to be something you cannot imagine being able to pay back in 3-5 years?  If not, then walking away may be your best ooption.  The only drawback is that you will not be able to buy a home with an FHA loan for 7 years, but I think you would still be able to do a conventional (20% down loan).

Good luck.
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April 28 2010
That is a personal decision. I assume you are aware of the credit ramifications. I see you are in Vancouver and I am unaware of the local law, I do not know if your mortgage company can hit you with a deficency judgement for the difference of what you owe and what they get in short sale, so you want to research that. Then it comes down to, do you feel comfortable walking away from your obligation? I am like millions of others out there and I am over $100,000 upside down in my house. I cannot walk away from my obligation. I signed documents promising to repay and that is what I will do. But that is a personal decision that I made, you need to make the same decision for yourself and understand the repricussions.
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April 28 2010
 
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