You Walk Away | Goodbye, Mortgage?

A bad mortgage will not destroy you

Many people are looking to online payday loans and mortgage loan modification to break the frozen finances deadlock. Sometimes it isn’t enough, however. People find they cannot shoulder the burden of tremendous mortgages, particularly for homes that have lost much of their value.

If you walk away from your mortgage, what happens?

That’s what Web sites like You Walk Away are designed to help with. There used to be a time when refinancing was the only option for runaway mortgages, but the board has changed somewhat. Now companies like You Walk Away work to “empower homeowners who purchased their homes at the peak of the Real Estate market to take control of their financial future.” You need to understand your rights in this situation, and You Walk Away can help.

But what if banks walk away, too?

Here’s where it gets interesting. In light of President Obama’s recent recent directive to give defaulted homeowners a break during this difficult recession, many banks have stopped going after homes in foreclosure. Edward Harrison blogs on Credit Writedowns that people are unexpectedly being left holding the bag. A recent New York Times story tells the tale: ... click here to read the rest of the article titled "You Walk Away | Goodbye, Mortgage?"