How to walkaway from the house right with least amount of money to loose?
I brought my house 2 years ago. I still owe $262,00. The house is only worth $169,000 now. Since I am still single no kids. I can no longer afford to pay the mortgage. I like to walk away from the house but I am not sure how could I do this right? I been saving some money to use it for moving and go back to school. I am not sure by walk away from the house, can they come after my money in saving?
I already 3 payments behind.
Cherry,
The best you can do at this time is to do short sale rather than walking away. In short sale, your agent can negotiate with the lender, sell your house and settle everything. This way, you can at least try to avoid foreclosure.
You are still responsible for your mortgage until the deed transfers. Why don't you put your home on the market with a realtor as a short sale. That means the buyer will be asking the bank to sell the home for less than what you owe. Talk with a local realtor, because you have a big gap between worth & what you owe.
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