If you are having trouble with that house payment, don't think you can just walk away...
The newspaper is filled with stories of desperation as people are losing, and/or giving back their homes. There is a new industry that details how to walk away when you are upside down. Don't do it. Don't go there. Find another way, this "easy" way is a set-up.
As always, the details are in the small print. If you walk away from your house, the bank will resell it at a loss. That is your loss, not the banks. You will owe all the money that the bank lost on "your" house, plus interest, plus closings, plus charges, and a few more incidental charges they have yet to dream of.
Think you are going to claim bankruptcy and just get out from under that mortgage? No way, the banking industry would lose big time if you did that. That's why, after ten years of Republican rule, you are not going to discharge this in bankruptcy. Bankruptcy is reserved for Corporations only.
Sure, an individual can still file for bankruptcy, and if they are granted bankruptcy, they will still owe the money! With, or without, declaring bankruptcy, a person will carry that debt (and, it will keep compounding) until they die. The only way to totally discharge this obligation would be to have lost all possessions, lost their job and probably be homeless for awhile; at that point (if they still wanted to declare bankruptcy), the judge would discharge the debt so that Corporate America will get a tax write-off.
What are your options? Well, first get rid of all those Republican lawmakers that are supported by the banking and business lobbyist (and that would be starting with Bush, Cheney and McCain). Then, if you have to walk away from your house, keep going. Go to Mexico, Costa Rico and/or overseas, because you will never get out of debt here in good old America.
Good old America has been bought and paid for by Corporate America-- sorry you weren't paying attention.