“Dear Steve, house is deeply underwater. bought a second home legitimately. i plan on stop paying on the first home. but i have a second mortgage on the first home. should i keep paying it? gmac owns first mortgage ditech owns the 2nd mortgagt on the first home. i plan on stop paying on the …
“Dear Steve, I bought my condo when the market was high–bought it for $206,000 Feb 2007. Am told it’s only worth $160,000 now. 790 credit, never missed a payment, and have a stable, decent paying job and have no intentions of getting behind on my mortgage. what options do I have to re-finance? My loan …
In case you did not see it on the air May 9, 2010 there was a very good piece about strategic defaults, where people make the decision to walk away from their mortgage even though they can afford to make the house payment. A new study out by Brent White from the University of Arizona, …
Last week I received an email from a desperate couple in Illinois. Here’s the edited version of their note: "My wife and I have been struggling, morally, with what to do. We have two interest-only, adjustable-rate mortgages with two different lenders coming due in May of 2011. I currently can handle paying all my bills–but …
“Dear Steve, I owned a home in Arizona but had to move due to a job change. I continued to pay for 2 years in hopes that the market would turn and I could sell it, after which I turned to a short sale to be free of it. The primary bank accepted the sale …
With homeowners still slipping under the seas of mortgage default more and more are considering that walking away from the mortgage might be a wiser and more logical solution. This approach even has a name, strategic default. A strategic default might be something to strongly consider if you owe more than your home is worth, …