"Walking away" from house?

[chakra7]

Hello. I've read in a few threads about people "walking away" from their homes in the case of ARMs or just not being able to continue to make payments. What is this or what does this mean? It does not sound the same as putting your house up for sell. Or is it more along the lines of someone assuming your mortgage, which could possibly be another option? Any insight welcomed.

[Boscoe]

Walking Away is just that.

You leave your house, stop making payments, and let the bank deal with it, i.e. foreclosure. Obviously, it hurts your credit alot, but if you truly cannot pay and the bank won't work with you, then you may have no choice.

[Christinajp]

Well we walked away. We were living 1 1/2 hours away from where my husband and I work and go to school, me with 2 jobs. With gas etc we could not afford it anymore, especially after the double insurance I just got because its in FL. We had it on the market for 4 months, trying a short sale but the mortgage lender wouldnt agree to drop it down far enough for us to get anyone to look at it. We owe approx 50,000 more than it is worth, with a 20,000 loc. We moved out, stopped paying, and are now looking at bankcruptcy to help. We're not proud of it, but after 6 months of me living at his mothers in the city I was working because I couldnt lose the 3 hours in sleep a day to drive home when I was only getting 5 with both jobs and school. The stress just wasnt worth it anymore, on me or our marriage.

[yak411]

I completely understand..the stress is not worth it. I surrendered and feel better, sleep better, and am overall just better!