Asked by Scumdog81, Warren, MI • Fri Sep 2, 2011
I originally bought my house for $146K. Now I am stuck in my 7.0% mortgage on this house which recently appraised for only $99K (I still owe $139K). I've been trying for the past several years to renegotiate my mortgage through different avenues. Because I owe more than 125% of what the house is worth and can't demonstrate enough of a financial hardship, no one will do anything for me. I can make my payments, but I am treading water with my other debts and have very little savings. Next year my father will be moving out of his house to another property. I am considering stopping paying my current mortgage payments and moving into my dad's place. This would help my dad, and allow me to pay down debts. Ethics aside, is this a good idea? I am worried about a deficiency judgment, though it sounds like lenders rarely pursue them when they realistically have very little chance to collect. My car lease is up soon. How would this move affect getting a new lease?
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