Non-recourse? Unfortunately my mortgage hasn't been sold since Lehman got rid of it (more than a year before the troubles started)...
I'm guessing, without actually looking at any paperwork, that it'd be a credit ruining event to walk away. Obama had talked some talk about relief for those of us way underwater but still paying. I bought a house I could afford but I can't get refinanced because I owe too much. At the rate we're going it'll be (even with the modest recovery in home prices recently) 10-15 years before I'm even... Lesson learned, don't take a 100% mortgage, tighten your belt, don't be a dope, put some money in the bank... In retrospect I'd save more money while I had the chance... -Curt Date: Wed, 23 Sep 2009 13:28:21 -0400 From: Mitch Haley <m...@voyager.net> Subject: Re: [MBZ] 1965 190D Craigslist $500 To: Mercedes Discussion List <mercedes@okiebenz.com> Message-ID: <4aba5ab5.6030...@voyager.net> Content-Type: text/plain; charset=ISO-8859-1; format=flowed Curt Raymond wrote: > I really don't want to move, at least not while I'm ~$50,000 underwater on > our house... If it's non-recourse, give them the keys and a quit-claim tomorrow. Or, if nobody knows who owns the paper on your house, tell the servicer to buzz off. (not without risk, but it seems you could ride this argument a long way if the house was in Kansas) http://market-ticker.org/archives/1454-Has-A-MERShole-Opened-Up.html http://loanworkout.org/2008/06/the-mers-fifty-million-mortgage-meltdown/ Mitch. -------------- next part -------------- An HTML attachment was scrubbed... URL: <http://okiebenz.com/pipermail/mercedes_okiebenz.com/attachments/20090923/38d822c1/attachment.html> _______________________________________ http://www.okiebenz.com For new and used parts go to www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
