Posts with tag walk away

When Junaid Nazeer's wife, Neelofur, lost her job as a pathologist for a private medical lab her income plummeted from $400,000 to just about one-fifth of that. Now Neelofur is working through a fellowship to be a pathologist in a hospital environment. In November 2010, six months after she lost her job, the Chicago couple... Continue Reading »

People aren't the only ones walking away from underwater mortgages. Banks are walking away, too. Communities are fighting back to regain control of their neighborhoods. Some by forcing banks to terminate mortgages. Others by purchasing the homes abandoned by banks, fixing them up then renting or selling them. A... Continue Reading »

There's nothing like a housing crisis to inspire moral ambivalence. In a recent survey conducted by the Pew Research Center, more than a third of respondents said walking away from a mortgage is acceptable in certain situations. While a solid majority (59 percent) believes that so-called "strategic defaults" are wrong, an... Continue Reading »

If you choose to walk away from your mortgage rather than work something out with your servicer, Fannie Mae will block you from getting another mortgage for seven years from the date of the final foreclosure on the house. That's according to new rules that go into effect immediately. But, if you do work with your servicer... Continue Reading »