Cimpler Real Estate dba LenderBackDoor
"Walk Away"
When one lets a property go into foreclosure purposefully, either through marginal financial hardship, or after realizing the home is not going to appreciate back to its loan balance amount anytime soon (or in a decade), its called a "walk away".
Many consider this a viable option since their homes are worth so much less than what they owe, but homeowners contemplating this strategy should first explore a loan modification to determine if a principle reduction can be achieved.
To discuss your options, please contact us.