Profile picture for user0951310

our home is over 100,000 under water because we are retired ,should we walk away?

  • April 24 2012 - Farmington
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Answers (4)

Profile picture for Eric Jurmo
Walking away is the last recourse depending on how attempting a loan modification or short sale works out. You can risk serious damage to your credit by walking away and you risk the bank going after the defaulted money. Short sales are very common now and are being approved at much quicker time frames than ever. You should consult a Realtor to go through all your options and determine what is in your best interest. Good luck!
  • April 24 2012
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I couldn't agree more with Connie.  There is additional information needed.  You should talk to a Realtor and find out exactly what your home is worth.  There are several options available depending on additional information.  Possibly a loan modification, short sale or foreclosure.  You will need to speak with an attorney regarding legal issues as Realtors cannot discuss them.

If you would like to discuss these options please feel free to contact me and I'll be happy to assist.

Good Luck!!
  • April 24 2012
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Profile picture for Connie Klemme

It might be worthwhile to provide additional information to get more help from others.  

example:
have you verified the value is that much less? or is that based on sometihng like a zestimate or an opinion of a neighbor etc.   It's a good idea to verify that you really are in the shape you think your in before acting.

although it is underwater are you unable to afford the payments? or are you just concerned about the loan to value?  if there has been some sort of change that affected your income from when you were approved for the loan to now, you may have other options and would need to get specific help from your lender.

some responses may encourage a short sale or walking away...some may not, I would reccommend gathering more information about the consequesnces of all actions before taking any.  Do you need to move, do you need less house or can you ride it out and get the value back? Can you possibly sell it for more than you think it's worth?? there is much to consider and you'll want a lot more information first.

  • April 24 2012
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If you are seriously underwater, it might make sense to walk away, but you should definitely speak to an attorney because this will negatively impact your credit rating.  If you are able, you might want to buy/rent something before you stop making your payments.  I would also recommend trying to get the bank to modify your loan so that you are able to make the payments.  More information is needed though to give you a definite answer, such as where you live, what the market is like there, etc. I'd be happy to help you if you have more questions.  Jane Michaels

  • April 24 2012
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