At least one in five homeowners owes more on their mortgage than their home is worth, and an increasing number think it’s okay to walk away from that mortgage. A Pew Research Center survey found that about two-thirds of respondents still believe it’s unacceptable to stop making house payments, but 36 percent say it makes sense – at least in some cases. Liz Quick is a Kirkland attorney who specializes in consumer, bankruptcy and personal injury law. She counsels people considering bankruptcy and suggests that having a lawyer or credit counselor look at the original loan documents can sometimes be helpful. “You might end up having issues related to your loan, perhaps predatory lending – or perhaps just a contract that you may need something looked at so you can see if there’s any protection for you within your contract rights.”
Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio
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Jacob Gaffney is formerly Editor-in-Chief of HousingWire and HousingWire.com. He previously covered securitization for Reuters and Source Media in London before returning to the United States in 2009. While in Europe for nearly a decade, he covered bank loans and the high yield market, in addition to commercial paper, student loan, auto and credit card space(s).see full bio