Profile picture for cindrift

Want to move should I walk away

My house value is over 200,000upside down, my neighborhood is over run by gang members and drug dealers, my credit is very poor. I would like to move to a better area should I just walk away from mt home and rent? I am not late on any mortgage payments.
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December 04 2011 - Moreno Valley
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Answers (9)

Profile picture for ArturoMartinez
If you really are current on your payments, STOP PAYING RIGHT NOW AND SAVE AS MUCH MONEY AS YOU CAN,  I did that for a while and lived in the house for 14 months without paying anything, so I have saved a lot of money under my mattress, and I am renting now and saving so much more until I can  find a good opportunity, and don't even worry about your credit, if you can gather twenty grand or more  in twelve months and you need to rent, do as I did, I put six thousand dls on the table and told the landlord, take it or leave it, and his eyes will start to roll up because money talks, BS walks, so after one year if I pay my rent in advance the owner will vouch for you or even sell you the house you are renting. a word of advise is don't talk to lawyers, they only are concerned about closing the cases as soon as they can and take your money, better look for a good paralegal that will do as good a job as a lawyer and much better than you and he will get you up to six more months before the sheriff comes to your house, and don't spend your money in foolishness, I have seen many people that when the sheriff come to their houses they did not have any money because they profligate with it.
Realtors well, some really care for you, but most of them are bad apples, see a Realtor until you are buying your new house, and keep looking into ZILLOW, they have good opportunities.....good luck
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April 17 2012
I am sorry to say that it looks like your best bet is to walk away. You will find a better life out there!
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January 20 2012
walking away is your best bet, but keep in mind that you will not be able to buy again for a while
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January 20 2012
Profile picture for Follis Webber
I would walk away. Do the math for how much it would cost to pay the mortgage for 5 years vs. renting. In 5 years what will the house be worth? My guess is it will still be $150k under water. What does that mean for your payments for the past 5 years? Nothing, it's like renting. You will get nothing out of your "investment". This makes no sense. The only folks commenting on this are realtors who scared to death that people will stop paying their ridiculous mortgages and walk away. I walked away and I feel liberated! 
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January 13 2012
I hate to hear what your going through but I agree with the others. You should really seek the advice of an attorney and possibly have a Realtor give you an opinion in price if you have not already done so. 

You might also consider the amount of your house payment vs what a rent payment would be. Would you really be better off walking?  I know where I'm located buying can be much lower than renting.  


If your in a location that is unsafe, that's a totally different matter and you have to do what you have to do to keep you and your family safe. My credit score is very important to me, but my families lives are much more valuable.   

Best of luck in whatever you decide.

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December 09 2011
pursue a short-sale. you don't have to be late on your payments.
the worst thing for you would be to get foreclosed on. you will want to buy a home at some point in the future
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December 06 2011
I agree with Steve. Before you decide to walk away or any other options it is alway recommended to seek legal advise as any of the options you choose may or may not have legal and tax consequenses. The good thing is that there are many programs and new laws available to people that are in the same situation as you. Have you considered a short sale, bankruptcy, renting the property,  instead of walking away?
Some lenders are allowing short sales without you even having to be late on your mortgage. On top of that, they are offering incentives for moving expenses! All lenders have different programs and incentives, so every case is different but you should look into these alternatives  and find out which option will be most beneficial to you before you decide to just walk away. [contact information deleted by Zillow moderator.  Please refer to our Good Neighbor Policy]
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December 05 2011
Profile picture for shasta_steve
One thing you have going for you is you are in California.  I am guessing if you have gang members and drug dealers around your house is not worth a millon so you are pretty seriously underwater. 

Now here is the deal in California.  If your loan or loans were all purchase money and you have never refinanced, then you can basically walk at any time and not have to worry about the bank or taxes.  Your loan will be non-recourse.   If that was the case I would most definately think of not walking but running away. 

Now if you you have your loan will be recourse but if you only have one loan the bank will most likely not be able to come after you.  Actually they can but never do.   If you have two or more loans, and they are refi's or home equity then you will most likely have problems with the lenders.   You will basically end up with unsecured debt, much like a credit card. You also may have taxes to worry about but there are many ways out of them too

I don't think there is any advantage to doing a deed in-lieu as they are basically foreclosures.  I know two people who have did them and there credit report lists them as foreclosures.  They are also very hard to get and anyway if you are going to have to suffer the consequences of a foreclosure you might as well get as much free rent as you can.  

I know the foreclosure laws very well in California and if you give a little more information I could give you an idea about what to expect.  Things like how many loans, if they are refi'd and what you used the money for if you did refi them all come in to play.   Also how the tax laws work in California. 
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December 04 2011
You should probably consult with an attorney for your oprions that best protect you. You might consider offering your lender "deed in lieu of foreclosure". This is when you surrender the deed to the lender, they don't foreclose. This help protect your credit.

Again, consult an attorney and/or your tax advisor.
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December 04 2011
 
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