texas bad mortgage want out

Posted by lily on April 15, 2003 at 19:22:17:

Hi, some help in Texas will be appreciated. I got laid off a month ago which is ok considering that I plan to go back to school in the fall. I have savings that will be enough to go through school for one year, but not if I keep paying the mortgage on my luxury condo. Current market value of condo is about equal or a little over the total mortgage due. I don't want to lose any money for selling the place. I need the money for school. But the bank would not let me refinance (which would lower monthly payment by $500 at current interest rates) because technically I have no income. I want out of the condo unless I can refinance. I don't care about my credit. I never want to own again unless I can pay cash. I just want to keep my savings to pay for school. Will the bank go after my savings and personal possessions if I walked away from the condo? Please help!

Follow Ups:

• Re: texas bad mortgage want out - Bill H 20:17:43 04/15/03 (1)
  • Re: texas bad mortgage want out - lily 20:46:22 04/15/03 (0)

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: Hi, some help in Texas will be appreciated. I got laid off a month ago which is ok considering that I plan to go back to school in the fall. I have savings that will be enough to go through school for one year, but not if I keep paying the mortgage on my luxury condo. Current market value of condo is about equal or a little over the total mortgage due. I don't want to lose any money for selling the place. I need the money for school. But the bank would not let me refinance (which would lower monthly payment by $500 at current interest rates) because technically I have no income. I want out of the condo unless I can refinance. I don't care about my credit. I never want to own again unless I can pay cash. I just want to keep my savings to pay for school. Will the bank go after my savings and personal possessions if I walked away from the condo? Please help! 


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