[knownick]

Your situation, figures, dollar amounts, etc. are very similar to my own. We made the decision to walk and the house was just sold at auction on Saptember 1.

Originally Posted by noespahm

I'm fairly certain both loans are covered under CCP 580b since they were used to purchase the home, but haven't verified by looking a the contract...fine print waivers. Hell I probably signed my 1st born away =)

While it's always a good idea to have an attorney look over the contract, it's also important to note that "what the contract says" can't change whether or not the loan is covered under CCP 580b or not. A contract that runs afoul of the law won't hold up in court.

• ....And just to verify....Greentree CAN NOT come after me for the 80K....right?

• Well, they can come after you for whatever they want - but their odds of doing so (and success) are slim to none assuming your loans indeed fall under 580b.

• 200k taxable income in California

• This may not actually be the case. Definitely talk to an experienced CPA about this, but there's some question as to whether or not there is actually any "forgiven" debt on a non-recourse loan, since their only recourse is to take back the house.

• Who pays Property Tax - Let's say I stop paying 1/01/2010. Who pays the property tax due in April? What if I stop in November 09, who pays December property tax?

• If you've resolved to walk, don't pay the taxes. Property taxes are a senior lien to your mortgages and the lender will have to make them current before they can sell the property.
  

  HOA is $241, can I stop that when I stop paying the mortgage.

  You are personally responsible for HOA dues, and they can get a judgment against you even if you lose the home. Most people continue to pay HOA dues until they are no longer the legal owners of the property.

  Can I take the appliances? W/D, dishwasher, stove, microwave, and A/C?

  This is a gray area. Things that are "installed" in the house are generally a no-no (like the range, dishwasher, A/C), and the bank can come after you for "waste" even if your loans are non-recourse.
  "unattached" stuff like the W/D, fridge, etc. are generally assumed to be yours to take.

  When should I move out?

  Totally up to you. Until the property is out of your name you are legally responsible for any damage/vandalism, so in many ways it's advantageous to stay until the bitter end. Not to mention the free rent and possibility that they will offer you cash to vacate after the trustee sale (I was just offered $5,000 to voluntarily leave the premises in a neat and orderly condition within 30 days).

  Will my Loan references get harassed by calls. Do I need to call them to warn them?

  Possibly, yes, depending on how aggressive the bank is. We didn't have this happen to us, but several others have.

Good luck to you whatever you decide.