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Upside down home

Can I walk-away from my home that is well upside down without being sued for the difference by the mortgage company?

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April 08 2012 - Boise
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No, you probably can't walk away without repercussions, not just from the mortgage company but from the government. So sit with your lender and try to find a way to get this all fixed. I am so, so sorry you are having troubles, its just not fair. YOu will get through this.
There are some new government programs that might help you out....here is the link
http://www.makinghomeaffordable.gov/pages/default.aspx 
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April 08 2012
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I Have been been working with my mortgage Company for over a year now. Its like they just dont care. I've gone thru the trial period and I have done everything they have asked. I even had to file bankruptcy just to make the trial period payments. I got stuck in an ARM almost 5 years ago, and now my payments have doubled. I want to due the right thing, but my mortgage company is making it very frustrating.
Thank you for your response
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April 08 2012
I recommend that you do not walk away!  Either list the home and sell it in a short sale or see if you can modify the loan with your lender.   It's always best to work out options first before going to decide on drastic measures.   Walking away could affect your credit report negativley for a very long time as well...  Good luck to you!  I am sure things will work out fine.
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April 08 2012

You do have some options. Banks are steering away from loan modifcations, as you have seen, but are willing to do short sales and even HARP now, which is the refinancing option of making home affordable.  You wouldn't even have to go through your lender now, any lender could see if you qualify.  If HARP isnt an option, sometimes, depending on how far upside down you are and your financial situation, a HAFA short sale can be the most healthy option.  As long as you are living in your home, the making home affordable program offers HAFA, which waives all of your deficiency so that the bank cannot come after you, AND they offer up to $3000 to you as an incentive and to help you move out at closing.  I have been doing a lot of these kinds of short sales for clients lately. Also, some banks, like, Chase, Nationstar, and Bank of America and more have internal programs that are similar to HAFA but dont have as strict of criteria so it is easier to qualify.  All of these programs waive the deficiency and offer the incentive funds.  Yes it report negatively to your credit but only for 2-3 years and then you can purchase again if you want.  A foreclosure is much worse on your credit and will always be there on your record versus a short payoff.  I hope this helps!

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April 09 2012
 
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