Help please! Wanting to walk from my investment home in Renton, WA.

[townhome]

Hi everyone,

It's nice and helpful reading all your posts. I haven't missed any payments since the first day I had debts. Here is my situation and I would appreciate your feedback:

I bought a townhome at $310K in 2007. I owe $266K and the negibor is selling at $210K. The HOA due is $481 per month (extremely high). Although it's currently rent out for $1500 a month, I still pay out of pocket of close to $600 a month. I have a 10 year interest only loan at 6% right now so if I continue to keep the townhome I will be paying more 5 years later.

In 2008, I got married. My husband and I bought a house together. So we now have two mortgage payments. It is not that we cannot afford the townhome right now but we just don't have much savings. My 20 months old needs to go to daycare next year and I am expecting in November. Soon, I will need to pay for the daycare of two and surely, with two mortgage payments, we won't be able to afford that.

I met with the lawyer today. He said that my deed of trust shows that my loan is both juidical and non-judical...that means, the bank has the power to come after me for the difference. I want to walk away from the townhome but I'm very scare to do so...because I am afriad that I will end up with a huge debt.

Can someone please give me advise?

[townhome]

Can someone please reply? What is the chance of the deficiency judgement?

[Cat Damiano]

Hi townhome,


Welcome to the forum and thank you for joining........


We would be unable to tell you if you will be pursued for a deficiency as that would be pure specualtion, however, on the forum there are many members already in the process of walking where you can look through their threads and ask some questions to see if they have received any notifications or maybe found some information that might help you as well.

I Am A WA Walker

Walking Away in WA

Another possible walker from Washington State.

Washington + BofA + Started Feb 2012

Another WA walker...last payment 03/11


This member is the furthest WA walker into the process;


My Walk, Vancouver WA, Provident Funding 1st, BOA 2nd


There is also a great resource for WA residents here;

NW Justice |

[townhome]

Thank you so much Cat! I will read through all the forum and ask questions.

[Cat Damiano]

I also wanted to let you know that the WA walkers have been periodically getting together for lunches to bounce ideas off of each other and better understand the process, so you may want to join in the next one if it is near you. Just keep an eye out for threads such as the following, they also have members posting from WA that are walking away;


**Calling all Washington Walkers- Next Lunch Sat April 28th- RSVP Here**


Calling all Portland Oregon/Vancouver Washington Walkers! Anyone interested in a lunch meetup?