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Who has walked away from their mortgage? Why? What did it cost you?

Answer Question

Asked by Anonymous at 12:26 AM on Jan. 27, 2010 in Just for Fun

Answers (2)
  • We had to short sell our house. I lost my job. My husband got one in another state, so we moved. It cost us our good credit rating. We won't be able to buy a house for a very long time, but that's OK. I like renting for now. Financially, it didn't cost us anything because our realtor was/is awesome and knew how to work with the banks.

    Answer by Pnukey at 9:58 AM on Jan. 27, 2010

  • My DH and I were forced to walk away in the beginning of 2009. DH got a job transfer from MA to TX & we had 6 mos. in MA to sell our home. It was the beginning of the market crash & we had NO offers after 6 mos (even though we lowered the price to as low as we could go). We moved to TX & attempted to rent the home to maintain the mortgage while keeping the home on the market. The renters TRASHED the house & still no luck with a sale. After we had the home repaired & cleaned from, we had an offer for WAAAY below what we owed. We attempted a short sale but the bank declined. We bagan falling behind on the mortgage after the renters moved out. So, 1 1/2 years had gone by with no buyer & we gave up. It was impossible living in TX and trying to sell a home 1,800 miles away. The market was especially bad in the Boston area. So, what did it cost? Our pride, our sanity, our hope, our credit, dignity, & prob a heap of taxes

    Answer by kenzie07 at 10:03 AM on Jan. 27, 2010

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