We bought a house & moved just 10 months later. The house depreciated greatly. We now have a buyer, but will need $45k to cover losses at closing. Nobody wants to give us a loan over $15k though we have excellent credit. How do we get out of this?
by 
Sabrina
ANSWERS: 2
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If your state does not allow the bank to pursue you beyond the home itself, then walk away and let the bank foreclose on your home. You stay in the home as long as you can and don't pay the mortgage. You will get several months free lodging and you can use that money towards a new home. I know, I know, it grates on me too. I think people should pay their bills. But these are extraordinary times and call for extraordinary measures. It's very painful, but it's the best suggestion I can offer. http://www.npr.org/templates/story/story.php?storyId=18958049
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Short sale.
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