Hi RobRoy,
Thinking of walking away here too. Upside down 100K AND going through divorce. I have kept the house as part of the divorce but is going to be tough to make the payments and it is worh far less than the loans (100k). What do you think?
I’d walk unless you make over $150K a year...
Considering the number of stories like this across the country, I seriously doubt that your credit will be terribly damaged.
Bankruptcies and foreclosures are a lot more common than ever before and are almost normal.
I’ve witnessed three neighbors evicted and several others leave on their own in the last two years. As a matter of face, my current house is a foreclosure I bought 2 years ago and there are others in the neighborhood.
And no, this isn’t a bad neighborhood. Mine is 4/3/2 2400ft.
If lenders really truly stop lending to all those who have had bad marks on their credit in the last 10 years, there won’t be many customers for them anymore.