Quote:
Originally Posted by Jandrews
Just curious...what does "walking away" really mean? Does this imply that you one day just load up a moving van and disappear? Do you notify the bank you are unable or unwilling to make payments? What about real estate taxes? What about your forwarding address for the post office? Does this walking away have to be done under the cover of darkness, or is this just, "I'm leaving, good luck to my creditors".
JA
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Usually it means you simply stop making payments like a low-life. You still live there, you just don't pay for it. After three months and a whole bunch of late notices, you get a notice that you have to move out which you ignore. After about 6 months of you not paying, they start to get serious. If you are sleazy enough you might get them to re-negotiate the loan so you make a couple of payments and then stop paying and the whole process starts all over again.
With today's market situation, a real scumbag could probably live in that house for up to 2 years without making more than a couple payments before they finally got kicked out for good.
I know a couple of people in South Orange County who are playing the game just as described above. No they are not my friends. Not any more. They deserve to end up living in a box in an alley.