Susanne
Both Buyer and Seller
San Francisco, CA

in Napa, CA. *Could be an individual with impeccable integrity from any of the following areas of expertise: mortgage/real estate broker, real estate attorney, financial planner, tax professional, approved HUD counselor, etc.
Talked with one HUD-approved group; they seemed less informed than I. (Did I mention my total lack of knowledge in these matters?) The experience did not inspire confidence.
Major issue: consequences of walking away. Also, how to simultaneously convey the reality of our current financial difficulties alongside our ability/intention to keep current on a new, modified loan.
The loan in question is 'interest only' through (Washington Mutual becoming) Chase. We moved from out-of-state (read: MUCH lower housing prices) and purchased near the high. Home has lost approx. 25-35% of its value, depending on who you believe.
Any attention given to this question is greatly appreciated.