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Buy and Bail Fraudulent?

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by otherwisefallen, Feb 18, 2009.

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  1. otherwisefallen

    otherwisefallen Law Topic Starter New Member

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    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!

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