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walking-advice

i would like to hear from people that have walked away,leaving thier homes,after being denied loan-modafication help,how did they start and how did they finish,thanks.

  • April 09 2011 - Reno
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Answers (4)

I strongly suggest you consider short sale.  I repeatedly am seeing clients that are looking to purchase again after 3 years has passed after foreclosure.  Once their lender pulls credit they the 2nd mortgage still shows owed and now is in collections.  You have 3 options if you ever want to obtain mortgage financing again.

A) Hire an attorney to see if he can get it removed
B) Pay it
C) File bankruptcy
  • June 09 2011
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Dear David,  I'm so sorry to hear that you might be considering walking away.  There is so much help out there that is available for free.  Getting a loan modification isn't easy, but perhaps you need better qualified help?  Sometimes an escalation can help get a loan modification quicker.  I don't know too many people who have walked away, simply because the loan modifications and short sales are such a better alternative.  It's probably too late, but good luck.
  • June 07 2011
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You really need to talk to an attorney and CPA. Nevada is a deficiency judgment state. Meaning they can come after you for more money after the foreclosure. A short sale may be able to wipe the deficiency out but always check with an attorney as each situation is different.
  • April 09 2011
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Profile picture for wetdawgs
Take some time to chat with an attorney to get some guidance on your unique situation.

Have you considered a short sale rather than walking away?
  • April 09 2011
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