The truth is foreclosure is always an option. You simply walk away from your house. I don't recommend it and cannot give you advice about the legal and financial implications you'd encounter from foreclosing. What I can tell you is that there are options out there that can allow you to short sell, offer the bank the deed in lieu of foreclosure, modify your loan (get a possible principal reduction, reduction interest rate), or sell and bring money to the table to make up the difference in what you owe and what you sell for.
If you want a consultation, I'm happy to meet with you and discuss your options. I can also refer you to two excellent attorneys and a tax professional to have your legal and financial questions answered.
Let me know.
To piggy back on what has already been said Ogi and Gabrielle, the numbers are lower in Mill Valley compared to other cities in Marin such as San Rafael and Novato. If you are considering putting your home on the market soon, currently, there is a record low number of homes on the market, even for January. . A lack of inventory, may work for your benefit should you decide to sell. Another thing to consider, foreclosures tend to sell at market value in Southern Marin. If they don't it is because the home is in need of major work. I have yet to see a foreclosed home in Mill Valley that sold well below market value.... more
Very few homes in this area are sold successfully by owners, and we see very few foreclosures -- far less than in other parts of the country. Focusing only on FSBO's and foreclosures will result in an exceptionally long home search, possibly years, before finding the right home for your family.... more