We're about to start the "strategy" for the 2nd .
From what I understand the worst case is if Chase would sue us for it (we're in Michigan - recourse state), but if there are no assets (cars, cash, etc.) what could they achieve?
first mortgage (just refi'ed with HAMP to different bank - was Chase) in my case is right around even with the second right around 100 percent underwater.
I am just trying to get a potential worst case scenario.
Does anybody have an idea also what court costs could be? Are we talking 2-5 Grand or more like $25k?
I know these questions are kinda vague. But I bet there is a few people nervous about this before starting the "strategy". At least that's why we have been dragging our feet for over a year now :-(