Legal Question in Real Estate Law in California

Walk away

I bought a house in 2007 for 645K, which is worth now 360K, I am currently living in the house primary residence. The house was never refinanced. The initial lender on 80% was DB lending who sold the loan to OCWEN. the 20% initial lender was GMEC who sold to OCWEN as well. My rate will be adjusted in march. and there will be an increse $625 in payment. what are the legal consequences if I buy another house for primary residence and walk away from this house?


Asked on 2/14/09, 2:11 am

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Walk away

Quit paying and wait. Maybe Congress will enact bankruptcy reform and you can have the loan rewritten in a Chapter 13. Beats moving.

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Answered on 2/14/09, 2:12 am


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