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About Doug Walker
Expertise
Fair and honest lending is my passion. I've been in full time in the mortgage business for 20 years as a loan officer, manager, owner, underwriter - and can probably handle most any question. I can help you save money on your next mortgage loan by explaining closing costs and identifying fair fees and "junk fees".

Experience
I have owned my own company as a broker and a banker, managed large production teams and have been a top producer in personal loan production. My experience includes all types of real estate lending: Conventional, FHA, VA, contruction and development loans. I currently work for one of the largest mortgage lenders in the nation and specialize in jumbo loans for private banking clients.

Education/Credentials
I have obtained mortgage and real estate licenses and have taken numerous continuing education courses. My certifications include underwriting authority for loans up to $1,000,000 and instructor for first time home buyer education courses.

Awards and Honors
President's Circle, Market Builder of the Year

You are here: Experts > Shopping > Home Buying/Selling > Real Estate Home Mortgages > Mortgage house problems

Real Estate Home Mortgages - Mortgage house problems

Expert: Doug Walker - 8/13/2009

Question
What are the options when you can not afford to pay your mortgage? Also if you walk away from your home and buy a trailer can the bank make you sell it to pay back what's owed on the home. I ask this because my home is no longer worth what we paid for it and my husband is out of work and money is getting very tight

Answer
Hi Meryl,

I am sorry that things are getting tight for you. Just know you are not alone...

You can walk away from your home by sending a letter and the keys to the bank. It will be recorded as a "Deed in Lieu of Foreclosure". This isn't quite as bad as a foreclosure on your credit, but still will follow you for a long time.

If you buy a trailer, the bank will have no interest in using that as collateral for their debt. The only way that would come into play is if you declared bankruptcy and the court ordered you to sell the trailer to offset some other debts.

Check with the appropriate legal counsel before you make any final decisions, but this is my opinion. Hope it helps.

Doug

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here