Help/advice on Foreclosure, walking away in Cali

Posted by matt on October 27, 2007 at 12:35:02:

I own a duplex and live in one side. I am current on my mortgage but considering walking away. I brought it in 2004 and refinance in 2005. I have a 1st and 2nd mortgage. My total mortgage balance is $400,000. My duplex is worth around $300,000. My option Arm payment is $1900/mo and will jump to $3500 in Jan. 2008. I will only be able to make the $3500/mo payment for six months before I run out of my savings.

I also over stated my income on the loan. Have any mortgage company go after anyone for that reason if I walk away, will the law be after me?

I am just not sure what to do. I know refinancing is out of the question. Any advice?

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