Reply to What I don't get: When people complain that they are drowning because their house is underwater

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]PP do you understand that people are NOT being bailed out, but that banks are?[/quote]

What do you call HARP?[/quote]

We've tried it all - HARP, HAMP, BoA, you name it.  BoA wanted us to bring $20k+ to the table and our payments would actually go UP several hundred dollars each month, which we can't afford.

80% of the responders on this thread can jump on me all they want - Anyone out there have any advice regarding strategic default in Virginia?  They can have my near-perfect credit score.[/quote]

Virginia is a recourse state.  So you're personally liable for the amount of the mortgage, regardless of what the house brings in foreclosure.  Not really a good option.  [/quote]

Successful attempts to collect from defaulters are extremely rare. Recourse or non-recourse is all well and good in theory, but in practice it makes no difference.  Unless you have significant assets, they are not going to come after you, and even then their chance of attaching assets is very low.[/quote]

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