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The GAO found that in the period January 2008 to March 2010, mortgage servicers charged off 46,000 properties, with 60 percent of the charge-offs occurring before an initial foreclosure filing was made. In this period, Detroit, Michigan had the highest number of bank walkaways, with Chicago, Illinois being second.
The house serves as collateral guaranteeing the loan, but you don't just get to walk away from your contractual obligations if something happens to the collateral. After all, you still borrowed ...
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An estimated 8.8 million homeowners (nearly 10.8% of the total) have zero or negative equity as of March 2008, meaning their homes are worth less than their mortgage. This provides an incentive to "walk away" from the home, despite the credit rating impact. [35]
The short sale of the Grosse Pointe home allegedly allowed Hathaway to avoid foreclosure proceedings and walk away from $600,000 in mortgage debt. [ 17 ] Prior to the short sale, Hathaway transferred another Grosse Pointe Park home on Windmill Pointe Drive to her stepson, Michael Kingsley (Michigan attorney P15984) with no significant funds ...
She needs to sell her house and move, but she learns that home values in her area have declined and her house now has a market value of $250,000 — and, she still owes $258,400 on her mortgage.
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