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Thursday, February 18, 2010

When To Walk Away From Your Mortgage

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  1. Great clip...definitely going to borrow this one. Unfortunate but I've had this type of conversation with a few of my own clients. Can't stress enough talking to an attorney first before taking as significant action as this.

  2. You are exactly right. Always speak with an Attorney first. It's a crazy situations out there. While many people could face credit ruin for 7 years, there are plenty who could be in there homes for 7 years paying a high mortgage payment before they get back to the break even area. So they have to weigh out is the savings over 7 years for walking away and renting is worth the credit damage. Very tough choices!