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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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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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