Question: Should I walk away from my under-water mortgage?

I bought my house in 2003 for $190,000. I made some improvements when the economy was booming and now ow $220,000 with my home equity loan. However, eight years later, my house is now only worth $170,000. What should i do. Can I walk away?

Response:

We'll Registered User, this is a tough question. If you walk away from your mortgage, you are going to hurt your credit score. It's unclear how bad, I've heard a lot of stories about people who were able to get a mortgage two years later, whereas others had ruined credit for as long as seven years.

Good Luck!

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