Should We Walk Away From Our Home?

Question: Should We Walk Away From Our Home?
A reader asks: “My husband and I bought a home at the height of the market and now it is worth less than we paid for it. Not only has our value dropped, but we owe more to the mortgage company than our home is worth.We both have good jobs and are not behind in our mortgage payments. But some family members are saying we should walk away. That it’s not a big deal, and we could start over. Is it really that easy? Should we walk away from our home?”

Answer: I can hear my mother’s voice echoing in my head, “If everybody is jumping off a cliff, should you do it, too?” The answer is most likely no. It’s not easy going through foreclosure; it’s heart-breaking, nerve-wrecking and time consuming…

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