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When To Walk Away
Foreclosure is something you should work very hard to avoid, but sometimes your circumstances may become so desperate that walking away from your financial obligation may be your only option. Before you take such a drastic step and seriously damage your credit rating, it's important to look for less damaging ways to resolve your financial problems. In all cases, you should work closely with your lender.Because of the surge in home loan defaults that began in the late 2000s, lenders generally are more prepared to work with troubled borrowers than they were in the past. You may qualify for a forbearance that temporarilyreduces your monthly mortgage payment until you can put your financial house in order. In some cases, lenders will permanently modify loans, granting morefavorable terms to borrowers.Lenders bear a share of the blame for the housing market downturn. During the housing boom, they allowed many people with shaky finances to take out risky adjustable-rate loans. They wrongly assumed that the borrowers would be able to refinance the loans before their monthly mortgage payments rose beyond their ability to pay.  In recent years, many homeowners with negative equity have found that they cannot sell their homes and raise enough money ... more

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