The begining of the end

[codygal]

Hi...I am new...lost my job last week. with no prospects of work in my town "Bend OR" the only thing my wife and i can do is relocate to another area. We bought our house at the very peak of the real estate boom. We pot 0 down so we have an arm on the property.
we think we are $60,000 to $100.000 upside down. Is deed in lieu an option for us???we will go backwards fast with a $2000 pr/mo mortgage payment. how do I start the proses? should I consult a lawyer.

[Enough Already]

Hi Codygal,
My advice would be definitely consult an attorney before you make a move. You can go over the specifics with them, and make an educated decision about what to do. It will be well worth the cost, may $200 - $300.00.

Good luck and keep us posted.

[Melissa]

I'm also in Central Oregon and also about $100,000 upside down. I don't have any good advice, but I wanted to let you know you're not alone. There are plenty more of us feeling similar pain in this area. Good luck with whatever you decide to do.

[The Professor]

Fortunately Oregon's anti-deficiency laws pretty much mirror what we have here in California. Have a lawyer skilled in real property law and debt collection practices review your purchase and loan documentation to ascertain whether your loan(s) are non-recourse.

Daniel