Be Prepared to Hear from Debt Collectors
if You Walk Away from your Home
How to Fight Back - One Person's Experience
Editor's Note: The contents of this article were contributed by a person who choose to remain anonymous.
I chose to "walk away" from my mortgage. I owned a small condo that decreased in value by fifty percent. It was no longer a good decision for me to make the payments, and the bank would not assist me, now matter what I tried several times and approached several lending institutions. But because I did not have a hardship I could get no help.
I plan to retire in two or three years and if I had kept my condo, I
would have ended up homeless. Fortunately, I was able to qualify for
a new mortgage before I stopped paying on the condo and consequently
purchased a new home. I was able to take advantage of a short sale
and acquired a four-year old home for one-half of its original sales
price. I will be able to make the payments on this home when I
retire. Additionally, I live in a non-deficiency state and the
original lender is not allowed to pursue me for the remaining
balance of the loan.
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