Can I walk away or not? yes or no & why?

[Canyonguy]

I have spent a lot of time and still puzzled- I want to walk away because I cant make payments and the place is to big anyway.Many Real estate Attorneys say I can walk away and its a 99 percent chance they wont even come after me maybe even give me an incentive to leave.
My home cost 355k and now is worth 275k I have at the most 10k in equity which is mostly time and materials I have spent fixing up.I refied only to get a better percentage rate so I am told because I took no cash out its debatable if its a recourse loan or not.

[imaloser]

what state are you in, and how long ago was the refi ?

[imaloser]

[Trixie007]

My home cost 355k and now is worth 275k I have at the most 10k in equity which is mostly time and materials I have spent fixing up.

If you are 80k in the hole on the home's value... you have no equity!

[endisnear]

If you are 80k in the hole on the home's value... you have no equity!

The OP stated this was the cost of the home, not what he currently owes.

[imaloser]

i assumed he meant "sweat equity"

[Trixie007]

The OP stated this was the cost of the home, not what he currently owes.

yes... but then he says he has maybe 10k in equity - and if it's upside down, there's no sweat equity. Although... that would be cool if we got our money back out when we lose the home!

[plantlvr]

We put 40k cash down on our home and it's gone plus the value has dropped another 40k. I would like to stay in my home if Countrywide would cut my payments in half but i know that's not going to happen!

[hereforinfo]

The OP never said what he owes on the house. He said he paid $355k and it's now worth $275k. If he has $10k in equity, then I assume he owes $265k (he obviously put money down).

[Canyonguy]

I am in CA refied a year and a half approx- took out no money

[Canyonguy]

You are correct- I only put down less then 2K

[Canyonguy]

I have been told by RE Lawyers & RE pros both ways on this. Some say because I refied it is now a recourse loan but some say because I recieved no money it is not and still some others say other things.