|
Non Compos Mentis
Join Date: May 2001
Location: Off the grid- Almost
Posts: 10,655
|
A little communication goes a long way.
Time to sit down with Mr. Banker, and tell him what he is considering. The bank does not want to be in the real estate business. If the bank knows that walking away is a strong possibility, they would most likely be very interested in refinancing into something more affordable, rather than loosing the entire loan.
Banks are nervous right now. A little chat could turn into a win-win. The bank still has a loan, your friend saves his credit.
|