Ok no one wants to admit to it but..... (Riverside: sale, foreclosures)

[dober1]

Living in Riverside County the foreclosure capital, here is my question. Has anyone here walked away from an upside down mortgage? Did the bank come after you?
I realize California is an "Anti defeciency State" but when you read the law it becomes confusing with loopholes for the lender. We have refied in the past to get a better interest rate and since it is no longer the origional loan I do not think I qualify.
I hate to even be asking this question since it goes against my way of always trying to do the right thing. But the housing here just keeps dropping in value with the sale of each foreclosure. I'm not getting any younger and want out of this state alltogether. I want to relocate back to the midwest to be closer to family.
So whats the word, do the banks just write you off and ruin your credit or do they take legal action?

[dober1]

Well, so far I guess I was right no one wants to admit to doing it.

[Captjob]

Dober1,

Thousands of people have done this for one reason or another. You wont find many on city-data however. You need to head over to Loansafe.org.

You'll find all your questions answered over there and be able to talk to hundreds of people from all over the country in this situation. Check the forums section.

Good Luck!

[ferretkona]

With walking away from a home mortgage there are other outstanding debts as well. Bankruptcy covers it all like a pox filled blanket

[dober1]

Originally Posted by Captjob

Dober1,

Thousands of people have done this for one reason or another. You wont find many on city-data however. You need to head over to Loansafe.org.

You'll find all your questions answered over there and be able to talk to hundreds of people from all over the country in this situation. Check the forums section.

Good Luck!

Thanks for the info.

[Brumbygal]

The High Desert is riddled with foreclosures. There seems to be more vacant homes here than occupied... it's like a disaster zone.