Don't mince words
Join Date: Jan 2007
Location: Vacaville, CA
Bikes: '16 BH Quartz, Co-Motion Roadster "Blue Jay"; Fuji D6 TT bike
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Originally Posted by BenRidin
Oh how wrong you are to think it's worth walking away from the property!
It'll be on your credit report longer than a bankruptcy.
If people would contact their lenders (not the loan agent who brokered the mortgage, but the actual bank to whom they send their payments) before
they miss payments, the banks may help. Some banks are renegotiating the terms of the mortgage; it's not unheard of for the banks to keep interest rates the same or lower than the rates to which they're adjusting. The trick is to be persistent and be proactive. Don't wait until you're in trouble to seek.
This market makes me sad; I hate that so many people are losing/have lost their homes. I'm a Realtor who loves helping people buy their dream home. One the other hand, I'm happy that prices are adjusting down, as this helps a number of first-time buyers purchase a home.
As always, caveat emptor.