I have made a big leap of faith and decided to walk away. I signed papers today and got keys on an owner financed home and plan to move out of our Wells Fargo mortgaged home asap. I have a lot of worries about this. A little history.... Our home is mortgaged for 135,000 balance owed 125,000. Current value 80,000. I received a HAMP modification 2 years ago when I lost my job, the HAMP only lowered the payment by 30 dollars per month, 9% interest, etc... I was unable to refinance through anyone else because I missed a payment in order to qualify for HAMP. Recently, my husbands hours were cut back to part time and the repayment plan for the month we missed is going to amount to $1500 for the next 4 months (as if the mortgage wasn't high enough). I had to decide between the mortgage and buying groceries for my 4 children this month and I decided enough was enough. We just cannot afford to keep this house at this point, nor do we want to keep it and are giving it up. I am worried about just walking away, but I am made the steps to do it. My taxes and insurance are escrowed in, if I am not paying the mortgage, I assume these items wont be paid. I have not read any horror stories YET of any deficiencies, etc but I do still worry about the implications of this. I know no one can tell me exactly what will happen, but some idea of what may happen would be nice. Should I pay the insurance and taxes myself to cover myself? What is the normal foreclosure process if we have abandoned the property? Has anyone dealt with a deficiency? I suppose there is no looking back at this point, but it would be nice to know if there is a lion at my back about to bite. I want to protect my family as much as possible, I don't want to go to jail and leave my four children behind... My mind is flooded with fears about what is going to happen to my family and any advice would be so helpful!!!