patrick.net

I talked to lawyers, paid for courses, did a ton of research and finally just jumped in with both feet and learned as I went through the short sale process... which will likely become a foreclosure, as the bank did not accept a perfectly good short sale offer and instead started the foreclosure process. Go figure.

Anyway, I started this process a year ago when I had used up all my savings trying to keep up with my mortgage. I wish I had stopped paying earlier. I finally realized it was a business decision, that I had to look after my future, and this realization made the situation much less stressful.

I'm giving you this background because now that I know more than some of the lawyers I talked to, I can tell you the two sources that I've found really know what's going on. The first is Richard Geller who has online courses - a bit pricey and quite honestly a bit sleazy but also accurate and very informative. They gave me enough info to go through the process confidently on my own. Another option, which I researched and am very impressed by, is youwalkaway.com. I didn't go with them only because I wanted to know all the details and be fully informed - which was a ton of work. youwalkaway does all the work for you (for a price of course) - perhaps a better option if you don't want to deal with the stress of figuring it out for yourself

Good luck!

http://www.youwalkaway.com/strategic-default/
MarkG, I am considering signing up with them as well. I have a similar situation as you and also live in SF Bay area.
They used to have only 1 level of service - Prepaid Platinum for $995 flat, but now they have monthly once as well.
If you just want to get some insights, sign up for the lower level and get some advice. Then, if you like it, you might want to stay on and go through with foreclosure

Search the interwebs for info - see an attorney who's versed in these things. I wouldn't trust a website for absolute info but it can point you in the right direction.

Talk to a lawyer.

Please feel free to contact me @ http://foreclosureblues.wordpress.com/about/

also check out the blog @ http://foreclosureblues.wordpress.com/

I have heard that a lot of these organizations and websites are really just taking peoples money and that you can probably handle a lot of this on your own. However, I'm not so sure I would want to do this all on my own. I am slightly interested in you walk away, but haven't officially gone with them. I also think if you hire an attorney for a few hours the cost benefit is still better then losing money from your home.

I'd read the different blogs, gather info about the issues, and research it yourself. Hiring someone to help you with it is pretty much throwing your money away IMHO. Or hire separate professionals to help.

A RE attorney will tell you the legal ramifications.
A tax attorney will tell you the tax ramifications.
An accountant will tell you the financial ramifications, including dings to your credit.
A priest/rabbi/minister can tell you the religious/moral implications.

The companies that claim to provide one-stop shopping can't do so unless they have professionals on staff that can help you with all this stuff.

I just cannot understand why one would be concerned about tax ramifications and such while getting prepared to abandon a big and bad financial situation. How much do you want to spend on attorneys or other advice? If you dont care to pay for your home, why would you worry about taxes ? Certainly the new walkaway business are shady at best. who is to say they dont take your money and walk away, or give you such bad advice you might as well have burned your money? what if the government actually starts going after walkaways like the IRS does ? With all the money and resources you are using for legal advice, it could come back to bite you if someone thinks you could have used your money for mortgage instead of walkaway.com. All these walkaway hucksters are playing as if that wont happen. IF i was getting ready to walk away, I would be looking more at the expenses and ramification of moving. U-haul or Ryder. I am trying real hard not to provide advice or opinions but if you are in a financial mess, it will only get worse if you try too hard to walk away the correct way rather than just get the heck out. Mail in your keys and say adios.

Yea, but this person is obviously considering walking away and wants to know if he/she will be liable for taxes, any fees, and if he/she's breaking any laws. Those are fair questions.

Even if we don't agree with the decision, he/she's not asking that. The question is how to get the aforementioned information in order to make an informed choice, rather than to compound the situiation by walking away without the info.

we simply met with two attorneys and a tax accountant. They clarified everything. All together it cost us ~$400 I think. Well worth it.

elliemae says

Yea, but this person is obviously considering walking away and wants to know if he/she will be liable for taxes, any fees, and if he/she’s breaking any laws. Those are fair questions.
Even if we don’t agree with the decision, he/she’s not asking that. The question is how to get the aforementioned information in order to make an informed choice, rather than to compound the situiation by walking away without the info.

Still does not make sense - You are always liable for taxes, but you are not liable for a several hundred thousand dollar debt ? huh ? The lack of recourse is the only reason someone could even sit and ponder this in such a way as to worry about taxes or fees but not the debt itself. Another part of this that does not make sense is spending money on advice - it is a waste. But if recourse somehow gets into the picture which it may, then we will see what the good decision would have been. And all these walkaway advise scammers will be out of business instantly. Of course the government might be a bit lame to execute a recourse plan but I could see it being incorporated into the tax system fairly easily.

Can you provide an expert real estate attorney and a CPA in the Bellevue - Seattle area of Washington? Thanks.