What is a "walk away plan"?

Answer by  Gus3 (12)

This plan where you walk away from your home and owe the lender nothing includes how long you can remain in the house, what the lender's recourse against you is, and tax effects. It doesn't stop foreclosure, but it removes some of the aggravation of deed in lieu of foreclosure.

Answer by  lori6755 (19)

A "Walk Away Plan" is basically a short-sale of a home, allowing the seller to "get out" of the mortgage and walk away. This is typically a negotiated process whereby the seller, who cannot afford the mortgage, can get out of the home and mortgage before facing foreclosure and/or eviction.

Answer by  MarkWatrous (729)

This is a way for you to abandon your home and leave it in the hands of your mortgageee. There are Federal and State programs that will help you keep your home. Call 1-800-FED-INFO to get started.

Answer by  fazt (147)

This deals with a real estate mortgage. You made an agreement with the mortgager that you turn over the ownership of your property and simply walk away, you lose equity.