otherwisefallen
New Member
So I live in southern California and I bought my house at the complete wrong time. I bought it for around $415,000 and comparable homes are selling now in the $190,000 range. I have an interest only loan that is going to go adjustable/full payment in 1 year and I've made several attempts at calling Countrywide (my mortgage lender) to fix this only to hear "I'm sorry sir until you're late with your payment I can't help you"
Anyway, I'm making the decision to walk away but before I do, I have found that I am able to qualify for another home through FHA. (Prices are so low that I can get qualified for both house payments so I won't be forging a rental agreement)
What is my exposure here? Is this illegal? I am not forging anything or lying about any information. Can Countrywide come back at me in any way?
Any response is appreciated, Thanks!
Anyway, I'm making the decision to walk away but before I do, I have found that I am able to qualify for another home through FHA. (Prices are so low that I can get qualified for both house payments so I won't be forging a rental agreement)
What is my exposure here? Is this illegal? I am not forging anything or lying about any information. Can Countrywide come back at me in any way?
Any response is appreciated, Thanks!
