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    dlgarno's Avatar
    dlgarno Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 13, 2009, 08:50 AM
    I want to walk away from my mortgage.
    I want to walk away from my mortgage payment. I owe 200K on the house in Florida and it will not sell for 150K. The house is empty and I live in a fully paid house in Thailand. I don't want the $1,600 monthly payments and I don't need credit. It may be worth 200K in 5 years but I will be dead. Please advise.
    CallMeBel's Avatar
    CallMeBel Posts: 88, Reputation: 9
    Junior Member
    		  
    #2

    Apr 13, 2009, 08:55 AM

    Consider contacting your mortgage company first of all. They may approve something like a short sale if you haven't been able to sell the home.

    Can you afford the home? If so, I think its an irresponsible decision to just 'walk away' and let it go into foreclosure, but I guess that is just my opinion.
    jabezz77's Avatar
    jabezz77 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    Apr 19, 2009, 01:53 PM
    Are you willing to assume the mortgage It will clear you to walk away if so let me know. I will need the specs on the property. This might be a great opportunity for you.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Apr 19, 2009, 01:55 PM

    The lender may not just let you walk away. They can foreclose, sell the house at auction then go after you for the shortfall.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #5

    Apr 19, 2009, 02:40 PM

    There are options of short sales, renting it out till the value goes up.
    barbazhp's Avatar
    barbazhp Posts: 7, Reputation: 2
    New Member
    		  
    #6

    Apr 21, 2009, 08:58 AM
    You may have tax liabilities if you did not own the home as a primary residence, also if it was a primary residence and you refinanced for cash out. Many tax people are not aware that Pres. Bush eliminated 1099 debt for losses in foreclosure, short sales etc...

    If you do not need credit and will not for many years then sign a deed in lu and hand the home back. It costs the bank less. A short sale from out of the country will be difficult if you can not fax or scan and email back documents and financial info.

    Credit for a short sale shows paid as agreed and remains for 3-4 years.
    Foreclosures and deed in lu stay on your credit 10 years.

    If you short sell call a good Realtor they will handle it for you.
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