Original Loan: 119,000
The loan is sold off a few times and around 2006 we refinanced to a lower interest rolled in the extra costs because we were living paycheck to paycheck. Total loan was more then the original loan but the payments were lower.
The bottom falls out, market goes WAY south on the east side and the "Zestimate" is now around 62,000 dollars. Approximately 50% underwater with what I have left on the loan.
I was fearful of being let go at my job from layoffs (could see the writing on the wall) managed to find a new one but it required me to move to the west side of the state. Pay was substantially more.
I move over and take the new job and find a new house paying less per month for a better and larger house (REO property).
Between the two houses I have about 200 dollars left each month. Once my wife moved over she did not have a job so I'm "in the red" every month now. I just can't afford to keep up the dual payments. So I started looking around and found this forum. GREAT info here. I have been thinking of strategically defaulting.
But here is the odd deed thing. I looked at the deed records at the county for the old house and the last thing they have on file is from 2007 when BoA purchased the loan and then sold it off. Since 2007 the loan has changed hands at least 3 times but the county records do not show them. Last thing on file is a letter from BoA saying the loan has been discharged.
What's the chance the papers got lost in the shuffle and the current lender (Midland Mortgage) doesn't even own the loan (or at least doesn't have any of the papers to prove it)? Is it worth pursuing? I really don't need the house and just want to be rid of the payment.
Thoughts / suggestions?
*Edit* The loan is an FHA. Any warnings if I strategically walk from it?
yield crossbow airhead atherosclerosis steven tyler tropic thunder carnie wilson
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