Most people understand what happens when a bank or lender forecloses on a home: the homeowner (borrower) essentially stops paying the mortgage and the lender has the opportunity to take back and then sell the home to someone else through the process of foreclosure. But high foreclosure rates are just one of the problems facing the housing industry. Another problem for both banks as well as homeowners is the large amount of home equity loans and home equity lines of credit that are also being defaulted on as home values drop and the job market stagnates….

Sure, it sounds simple: just walk away from you home and leave your worries behind. But there are lots of things to actually plan and think about before you walk away from your mortgage, your home and everything you know. You will have larger decisions to make than “Should I leave the keys in the door or should I mail them back to the mortgage company?”

An affordable book like The Foreclosure Survival Guide could save you thousands of …

With the housing market bottoming out there has been lots of talk and media coverage of people simply walking away from their homes and mortgages and letting the banks repossess their homes instead of trying to pay the full inflated price. Most people look to leave their homes when they owe more money on their mortgage than their homes are worth, but there you actually have many different options if your home is underwater and walking away from it is just one of them. The idea of just walking away from your home without paying the mortgage …