Not gonna lie, I’ve watched people get absolutely chewed up by the “just call your lender” treadmill. It’s wild how much time and energy folks pour into chasing paperwork that never seems to land in the right hands. I get why people want to fight for their homes—there’s a lot of emotion tied up in those walls—but sometimes you have to look at the numbers like a business decision.
Here’s where I’ll push back a bit, though: short sales and deeds in lieu can be solid options, but they’re not always as clean as they sound. Banks drag their feet, buyers bail, and you can still end up with a dinged credit report or even a deficiency judgment depending on your state. I’ve seen sellers think they’re getting a fresh start, only to get hit with tax bills or collection notices down the line. It’s not always doom and gloom, but it’s rarely as simple as “just walk away.”
One thing I’d throw out there—sometimes investors (and yeah, I know we get a bad rap) will step in and negotiate directly with the bank. If you’re underwater and just want out, it might be worth talking to someone who knows how to work the system from the other side. Not all of us are vultures looking for a steal; some actually want to help folks find a way out without wrecking their lives for years.
And about legal aid clinics—totally agree they’re swamped, but if you can get your foot in the door, even a 30-minute consult can clarify what you’re really facing. Sometimes just knowing your rights changes the whole game.
At the end of the day, it’s about being brutally honest with yourself about what’s possible. Is it worth fighting tooth and nail for a house that’s become an anchor? Or is there a smarter way to cut losses and move forward? There’s no shame in choosing peace of mind over pride.
- 100% agree that “just call your lender” is a wild goose chase half the time.
- Short sales and deeds in lieu sound tidy on paper, but yeah, your credit can still take a hit. I’ve seen people get blindsided by a 1099-C tax form months later—surprise, the IRS wants to chat.
- If you’re thinking about investors, just double-check they’re not the “we buy ugly houses” types who ghost you after the first call. Some are legit, but some… not so much.
- Legal aid is gold if you can get it, but I’d also look at HUD-approved housing counselors. They’re free, and sometimes they know loopholes even lawyers miss.
- At the end of the day, your credit score will recover. Your sanity? That’s harder to fix. Sometimes walking away is the best move, even if it stings for a bit.
I get where you’re coming from, but I’ll push back a bit on the “just walk away” idea. I’ve seen folks regret it later when they realized options like forbearance or even a loan mod were possible—just took some persistence (and yeah, a lot of hold music). Not saying it’s easy, but sometimes lenders do budge if you keep at it. Credit hit is rough either way, but keeping the house can be worth the hassle for some. Just my two cents.
Yeah, I totally get that—walking away isn’t always the best move, even if it feels like the only option in the moment. I’ve seen people dig themselves out with a loan mod or forbearance, but man, it does take patience (and a lot of time on hold). Credit-wise, sticking it out can sometimes soften the blow long-term. It’s not easy, but sometimes that persistence pays off. Hang in there if you think it’s worth it.
Honestly, I almost bailed when things got rough during the pandemic, but I stuck it out and did a loan mod. It was a headache—paperwork everywhere, endless calls—but my credit didn’t tank as hard as I feared. Not fun, but doable if you can stomach it.
