 gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Posted: Thu Jun 16, 2011 11:34 am Post subject:
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I'm not quite comprehending the thought process.
Your first mortgage no longer exists, right? Wouldn't that give you a pretty comfortable feeling about staying in the home now that you no longer have that obligation?
Of course, you didn't provide any numbers, like value or amounts of the mortgages on the home, or monthly payment on the second. Certainly, that would be important.
But I'd usually be of the opinion in such a case that the elimination of the first mortgage would instantly put you in a fairly good (certainly improved at the least) position in terms of equity in the property now.
If that's true, then walking away wouldn't seem to be the most sensible proposal at this time.
What is the value? How much do you owe? What's your payment? What's your ability to make that payment?
Lastly, of course there will remain a lien on the home until such time as it's paid in full. If you walk away, they'll foreclose on that lien, naturally, in order to obtain their funds back. Are you anticipating making another purchase some day? That ought to sway your overall opinion also.
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George M. Akerley
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