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Walking away from your mortgage has become a trend as more homeowners find themselves underwater -- that is, their home is worth less than their mortgage. But as Ann Brenoff explains, at our ...
Peter Safronoff drives a Hyundai and lives in a rental bungalow in Encinitas, Calif., a beach community north of San Diego. At 63, it's not the golden-years lifestyle the financial consultant ...
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 ...
A bank walkaway is a decision by a mortgage lender (a bank) to not foreclose on a defaulted mortgage (when the borrower has ceased to make the payments), or to not complete foreclosure proceedings (to "walk away" from the mortgage).
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If you choose to walk away from your mortgage rather than work something out with your servicer, Fannie Mae will block you from getting another mortgage for seven years from the date of the final ...
Let's say that you owe $500,000 on the mortgage for a house that, because of the crumbling real estate market, is now worth $200,000. You can afford to make the payments -- but it feels stupid to ...