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Walking Away, While Saving My Nest Egg

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  • 01-12-2008, 08:56 PM
    Dillon
    Walking Away, While Saving My Nest Egg
    I am quitting my job soon. I cannot take Ca. anymore, the stress is tearing me down and I need to get out. I have a home that is about 150K upside down since I purchased a year ago. I have about 350K in stocks, 401K, etc... saved up. I dont want to throw a big chunk of this away as i doubt i will ever get this kind of money again. I want to try and save it and just flat out purchase a home in another state.

    First, can I just walk away from my home without fear of the lender taking my nest egg? Any advice on how I should approach my problem?
  • 01-13-2008, 10:27 AM
    lwpat
    Re: Walking Away, While Saving My Nest Egg
    Unfortunately you are in the same position as a lot of people with the problems in the housing market. The bank will foreclose and then go after any assets in your name that they can locate. Usually they cannot attach your pension fund but I am not really up on that subject.
  • 01-13-2008, 10:40 AM
    Dillon
    Re: Walking Away, While Saving My Nest Egg
    I was told from a real estate agent as well as a lender that I know that they are not going after people as they are overwhelmed with this issue and dont have the bandwidth to deal with it.

    Is this not so?
  • 01-13-2008, 10:53 AM
    las365
    Re: Walking Away, While Saving My Nest Egg
    Quote:

    I was told from a real estate agent as well as a lender that I know that they are not going after people as they are overwhelmed with this issue and dont have the bandwidth to deal with it.

    Is this not so?
    Dude, no one here can tell you with any accuracy whether your lender would let you just walk away from your upside-down mortgage without pursuing money from you.
  • 01-13-2008, 12:25 PM
    Dillon
    Re: Walking Away, While Saving My Nest Egg
    I assumed that someone here would have some inside information on trends that are going on regarding this subject.
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