planet_mondo
New member
We work with an attorney who doesn't see our home rebounding after this recession. We purchased our home new 4 yrs ago and is now half the value. Our attorney doesn't even think modification will help us ever seeing any kind equity ever build. He has directed us into missing payments for 5 months. After my lay off 3 months ago, he is passionately urging us to walk away with deed of lieu so we can start all over again. We have 2 kids under 2 yrs old. My wife and I feel if we walk away, we have more to gain than to lose our savings into mortgage payments that will never win us equity. My biggest fear is waiting for a length of time to buy a home if we foreclose. I feel there is no win-win situation. If we pay, we lose. If we walk away, we lose. We know our credit has taken a hit missing payments. Our attorney also feels a short sale is also a disadvantage. even if we find a qualified buyer, our lawyer says we need to pay tax on the money that the bank will forgive us for. Seriously is the right thing to do is stay in a house that is pretty much a rental? Our attorney doesn't think we can own this house with no equity in sight. Hard times!