So I posted much of this in other threads, but I am going to start a new thread here to document my (and my wife's) story.
Here is my situation:
1. Purchased house in 2007 for 392k with and Countrywide (now BofA) 80/20 all purchase loan. 1st and 2nd are both non-recourse (Gotta love the golden state! )
2. Owe 377k
3. House is valued at approximately 225k
4. Wife is pregnant due in April (that complicates things a little )
5. We can afford the mortgage but since we can rent a similar house for $1200-$1500 less per month it is foolish to stay. This is a strategic default.
6. Credit scores: Mine- 780 Wifes-721
7. Last payment: 10/1/2010. My November payment isn't officially late until 11/15.
Due to all the horror stories and my confidence we would be denied anyways, I am not interested in pursuing a Mod, DIL, or SS. We will stay in the house until we get a sale date and will then decide if we want to press our luck and try for C4K. When the phone calls start, I plan to tell them to only call our house phone. That way they only deal with me and my pregnant wife doesn't have the stress associated with the harassment. If they continue to call our cell phones, I will send a cease and desist letter.
After much thought we have also decided we have no need for a lawyer at this point. CA laws are pretty straight forward and since we are not willing to pursue a mod, etc, I don't think there is any reason we will need one. If that changes I have found a Bankruptcy lawyer in town who specializes in foreclosures whom I will pay hourly if the need arises.
Since we have BofA (and they seem to be the slowest at foreclosing) I figure the earliest we could be out of our house is June 2011 (that would be with a 2 month old baby ), but we might get lucky and be able to spend next Halloween here too. I am not going to do anything to speed up the process but I won't try to delay it either.
Saturday I paid bills and the mortgage was not among them. Missing our first payment was a little unnerving and a little empowering. Set aside the "mortgage" payment into a separate savings account in case we decide to back out a couple months down the road (I don't see that happening though).