| walt your situation is very common and although i couldnt recommend walking away, if were in the same situations, i probably would. YOur home would go into foreclosure and when it is completed you would have to wait 2- 3 years before being able to get a new home loan. IF the lender wont negotiate, you have to do what is best fro your interest.
You cant go get an appraisal on your own, the lender must order it. But, if its an FHA appraisal it can be used by other lenders AND the appraisal is good for 6 motnhs meaning no other FHA appraisal can be done in that period, regardless of any market conditions.
there are companies who negotiate principal reductions but most are scams, especially if they ask for money up front. dont do it.
when comparing loan offers make sure loan amount and value is used is same and look at teh "800" items on the GFE. these are the lender fees with exception of the appraisal. THE least amount of costs under this section with a given rate will tell you who is cheapest. However, this is just an estimate and lots of games can be played with this. Also, cheapest isnt always the best.  |