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Old 06-02-2010, 04:09 PM
 
1,489 posts, read 3,601,455 times
Reputation: 711

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The banks will pursue you and you will have to pay them, with interest. Walking away only postpones the inevitable.
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Old 06-03-2010, 09:06 AM
 
13 posts, read 29,206 times
Reputation: 15
Unfortunately this happens, here are a couple of options.
#1 rent house-buy another where you want to be, the rental lease would be collateral
#2 walk away- leaving your credit behind.
#3 talk to your lender but as long as your paying both mortgages you have no negotiating power. (why should they talk your paying) Delay payments
#4 Land contract with a down payment, that you can use for the other house
#5 short sale- get a pay off balance from your lender. But this only happens after payments are late or missing.
good luck
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Old 06-07-2010, 12:48 PM
 
Location: Shakedown Street
1,452 posts, read 2,992,683 times
Reputation: 1199
I was fortunate to be laid off and relocated due to job loss. We rented our house in MI for a 30 month lease, and were able to buy one near Charlotte due to my relocation.
Now that I just bought a house, I don't care how we get rid of the one up there - I want to cut all ties (other than family) to MI and will never move back. The winters and roads are too dreadful.
Short sale, either way it is going to go when our lease is up!
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