Chad Rule News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Home has dropped to something closer to $300,000. the facts of per'scial umploe a i've had to resort to taking my social security. >> reporter: he's reached the conclusion being foreclosed upon is his best option. >> rather than living month to month worrying about my survival, i have decided that the better course is to walk away from this home. >> reporter: and he is working with a consulting firm called youwalkaway.com, co-founded by chad rule. >> obviously, this has a negative repercussion on their credit. but they're willing to take that, because they're not going to use their credit to g...

As if losing your job isn't bad enough, how about getting sued by the mortgage giant fannie mae. fannie now says it will sue people who walk away from unpaid mortgages when they have the capacity to pay but default anyway. chad rule is co-founder of the company called you walk away, for just under $1,000 the company guides homeowners through the process of abandoning their mortgage. thanks to both of you for being with us, chad, let me ask you first, there's a lot of people who think there's a real moral obligation to really try to pay your mortgage. is it okay to just walk away? >> i want to ...

Loan modification in trying to work with the bank. but in terms of the ethical side of it, i see this as a -- the market crashed ands if they need to walk away to save their finances, i believe that's the best decision. >> and donna, are they going to save their finances? if you walk away from a mortgage, what are the implications? >> there are a lot of people in this situation, there are one in four homeowners who are under water on their mortgage today. you can debate the moral part of it, but there are serious financial consequences to it too. the lender can go after you for the balance of ...