WOW! The best thing to do before taking any action is speak to an attorney. It is not always as easy as ';walking away'; as the bank could obtain a deficiency judgment against you if they are unable to sell the home for what is owed on the mortgages.
Have you looked into where you would live if you left the home and how that will impact your life? Just because you are ';upside down'; in the house does not mean that you should not continue to live there as you might end up with less home for the same payment someplace else. And defaulting on the mortgages will damage your credit rating and impact future credit purchases (such as a car) and interest rates for several years.
Housing values will come back, it will just take some time. And if you can afford the payments, staying where you are might be the best choice.
If you cannot afford the payments, there are other options available such as renegotiating the interest rates on your mortgages.What if my 1st and 2nd mortgage are owned by the same bank?
Listen,
The new law that pres. Obama has put in place is directed at homeowners just like yourself.
Even though your upside down on your loan, if your credit is still good you can refi and the Bank will forgive a portion of your loan because they accepted the new law offer.
As a loan officer able to do loans in all 50 states I have done these quite often.
Don't just stop paying if you don't qualify due to credit problem do a loan mod that's what they're in place for too.
Hope this helps. I would be happy to guide you through the process.
To answer the 2nd question, definitely yes.
For the first question you should consider other options before walking away such as a short sale or negotiating better payment arrangements. Walking away destroys your credit for 7 years.
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