I too am a “Pre-foreclosure Specialist” and it is not in your best interest to just walk away and let it be foreclosed on. There are ramifications that go along with foreclosure you can likely avoid if you take alternative action. Call or email me. Pat Hunt 661-947-1761 or Pat_Hunt08@Hotmail.com
it's probably best to just walk away and free yourself from mortgage slavery. It depends on whether your loan was "recourse" or "non-recourse". In the latter case, the deal is simply that you can stop paying the loan and give back the house at any time. It's perfectly legal and moral according to the terms of the mortgage. Now that the government has temporarily stopped taxing forgiven debt, you can do it without owing anything! But talk to a lawer and accountant first
I recommend that you visit http://www.stansen.com. Paul is an experienced real estate attorney and broker who consults with a number of real estate companies and can advise you of your options. Good Luck!