I owe more than house is worth 40.000. have good credit want to refi no help. can i buy house and foreclose?

on existing home? how can i go about this?I owe more than house is worth 40.000. have good credit want to refi no help. can i buy house and foreclose?
contact a certified HUD advisor in your area. They will direct you to your options. Mortgage companies and banks must work with you. There are programs out there that can reduce the amount you owe on your home.





Unfortunately, Obama is doing the right thing, but banks, true to their greedy nature, are dragging their feet. So you really need to talk to a HUD advisor. Do a websearch and you should find someone in your area.I owe more than house is worth 40.000. have good credit want to refi no help. can i buy house and foreclose?
Technically, you could do this. It has a name, but it escapes me at the moment. The only problem with this method of getting rid of a mortgage, is the fact that it is illegal. When you signed all of your loan papers there (more than likely) was a clause stating that you take responsibility for repayment, and the lender can legally go after you and still receive payment of the defaulted loan. Plus, with the housing market in such a crisis, the banks may not be as willing to lend to you at this time. Maybe it would be better to rent your house out. There are plenty of people looking to rent housing right now because of the mortgage crisis.