I owe about $85,000 on my house, and there's no way I'd be able to sell it for that much. I don't have a job, so I have no income coming in, but I have about $10,000 in my bank account. (I'm very disciplined when it comes to saving money.
I would like to do a deed in lieu. I would have just called up my bank and asked them about it, but I'm scared that the conversation is going to go like this:
"I would like to apply for a deed in lieu."
"Ok, how much money do you have to your name?"
"Well, there's no way we're going to give you a deed in lieu, and by the way, now that we know that you have that money, we're going to come after you for it if you try to default."
I have a medical condition, so I'm going to need that money to pay for health care. My prospects of getting a job soon are slim. I'm going to be broke before too long if I keep paying the mortgage, so I might as well ditch the mortgage before it gets to that point.