Oxboy, As other people have said you should speak with an attorney about the legal ramifications. You can get an initial consultation with a lawyer from the San Mateo Bar Association for about $30. You should also speak with an accountant about the tax ramifications of a stratiegic default.Many banks will ask you to try some alternatives before just giving up. You can try a short sale. The mortgage needing to be more than 31% of your income is true for a HAFA sale, but not a traditional short sale. If you do not qualify for a short sale you can then ask the bank to give you a Deed in Lieu of Foreclosure. Some banks will do it if you ask, and some ask you to try short sale first. Chase will ask ou to try a short sale first.Best of Luck!Marcy
Several neighborhoods in the area east of El Camino are doing quite well. Linfield Oaks for example has seen an increase in value this year. I think that is because it was undervalued before the crash. The Willows have not done as well. Belle Haven is also holding its own and gaining a little value from the bottom.
Yes, they should have the utilities on for the inspectiosn, appraisal, and walk through. This should be specified in the short sale addendum.
Sorry,I did not remove before postingmarcy
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