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Want to walk away from upside down home

Posted on: 03rd Dec, 2009 08:44 am
hi,

i've asked this in another forum category here but think it was the wrong place to address my question so asking here again.

i'm hoping i can get some guidance on a specific situation. objective insight would be much appreciated:

-$200k first and additional $200k second mortgage on home worth maybe $200k-$250k
-current on all payments
-have assets in the form of cash and investments (business) but need that to continue in retirement

question is, what are my options if i would like to walk away from the home without having the 2nd mortgage lender come after me for my other assets? is there any way this is possible?

i am reading that the 2nd mortgage lender may settle for a lesser amount than total. given the 2nd mortgage lender is $150k deficient, how much is plausible to settle? any historical guidance would be appreciated.


thanks,
ben
Hi Ben,

Your query has been answered in the given page:
http://www.mortgagefit.com/problems/upsidedown-home-walkaway.html

Take a look at it. I hope it'll help you.
Posted on: 03rd Dec, 2009 09:47 pm
it will depend on the original mortgage and if it was all purchase money on an owner occ property or if money was taken out.
Posted on: 05th Dec, 2009 05:19 pm
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