Walk away from the property?

This all depends on your equity position/loan to value. If you don't have enough equity to do a refinance, you may have enough to sell. Completing a short sale is an option if you have little or no equity, but a short sale will still impact your credit, but not as much as a foreclosure or deed in lieu of foreclosure. You should first get a Comparative Market Analysis from a Realtor; if you don't know one, but you want to try refinancing, your local loan officer should be able to ask a favor from his/her business partner to get you one. You'll at least have some idea of what it's worth and if refinancing or selling is even a workable option. If you can't do either of these, you should then explore a lease option purchase, a short sale, forbearance agreement, etc. Explore your other options before you consider just walking away.

you have two options that will not impact your credit;1. refinance the property with a lower rate to lessen the loss. rates at at an all time low and it is a good time for this. call me for current rates.2. list your property for sale. we contact your lender and request tyheir approval on a short sale for current market price. Most lenders prefer this rather than letting them go to foreclosure.I hope this helps you. please contact me with any questions you may have regarding real estate and mortgagee. Scott Williamson(916) 261-0499scottwmson@hotmail.com