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Seattle Bubble Forum Archive • View topic - should everyone with negative equity just 'walk away'

should everyone with negative equity just 'walk away'

Myth propagated by bitter ignorant renters, or statistical reality ignored by real estate professionals?

Moderators: synthetik, The Tim, Lake Hills Renter

Re: bailout to prevent walking

Postby redmondjp » Fri Aug 31, 2007 9:48 pm

Fighting off Affluenza on the Eastside since 1995
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Re: bailout to prevent walking

Postby perplexd » Fri Aug 31, 2007 10:58 pm

“Of all the contrivances for cheating the laboring classes of mankind, none has been more effective than that which deludes them with paper money.” - Daniel Webster
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Postby Eleua » Fri Aug 31, 2007 11:24 pm

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Postby explorer » Thu Sep 06, 2007 2:54 pm

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Postby sniglet » Thu Sep 06, 2007 3:15 pm

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Postby sniglet » Thu Oct 18, 2007 5:39 am

Here is an interesting web site that outlines relevant Washington state laws that protect debtors.



Unfortunately, it looks as if Washington state doesn't offer as much statute protection from creditors if you walk away from a house as other states. There is a $40,000 homestead exemption, and life-insurance is safe, but that's about it.

Nevertheless, people with homes that are worth less than the mortgage still might be able to walk away relatively unscathed if their particular lending agreements limit the lender's ability to pursue assets other than the house. It is certainly worth talking with a lawyer to see if one can avail themselves of the opportunity to just give the keys back to the bank (which is by far the preferred strategy if your home is "under-water").
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Postby Ubersalad » Thu Oct 18, 2007 2:15 pm

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Postby jillayne » Thu Oct 18, 2007 8:07 pm

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Postby sniglet » Thu Oct 18, 2007 8:42 pm

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Postby laxtosnoco » Thu Oct 18, 2007 9:22 pm

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Postby sniglet » Fri Oct 19, 2007 6:03 am

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Postby Ubersalad » Fri Oct 19, 2007 9:43 am

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Postby jillayne » Fri Oct 19, 2007 11:27 pm

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Postby Ubersalad » Sat Oct 20, 2007 7:58 am

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Postby jillayne » Sat Oct 20, 2007 9:51 am

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