I have a single ARM with a balance of $128K. House is worth about $60-70K, judging by recent sales in my neighborhood.
Getting married soon and will need to move to be closer to her work, because its a 100 mile commute round trip otherwise.
I can afford to pay, but I'm sick of losing money and being stuck in this house.
Mortgage servicer is Roundpoint, investor is Compass Bank. Also listed in MERS.
So from what I've read in the forums, my best course of action is somewhat like this:
1. Stop paying.
2. Don't give the bank any financial information, because that can be used as ammo down the road for a deficiency judgement.
3. Wait for foreclosure notice, then possibly hire an attorney to defend? My goal is to get the bank to waive their deficiency rights, or waive a percentage of it.
Any tips and/or advice would be helpful Thanks!