We have decided that we are walking away from our home. We are in Virginia which I believe is a recourse state. I am scared of what is going to happen but reading the posts here have helped alleviate some of my fears.
We bought our home in 2008 for $217k. Today, it could possibly be sold for $150k at most (according to realtor). After moving in we uncovered lots of problems and have put over $50k into the house and still have about $50k more to put in. It's not run down, it just needs work since it is 30 years old.
We will be moving into an apartment in June and we are hoping the bank will hurry this process along. Our first missed payment was this month and hubby got his first call from BOA yesterday. It was a generic message saying to call them as soon as possible. His name is the only name on the mortgage.
We are not interested in loan mod, DIL, SS, as we wouldn't qualify. Are there others on the board that have done this in Virginia? Should we consult an attorney? If so, what kind of attorney? I've spoken with a real estate attorney and he referred me to a consumer rights attorney who basically said yes, the bank can garnish wages if we don't pay up. He didn't sound like he could help me with specific walking away questions. Any advice or words of wisdom are appreciated and welcomed.