Is walking away from our house a good idea?

[tmoschetto]

Hmmmm....after reading 3 other posts that were kindly linked to, I'm thinking of going with an umbrella personal liability policy vs. a typical homeowners' policy. Wow, this forum never ceases to be a wealth of good info!

[catleg]

Hmmmm....after reading 3 other posts that were kindly linked to, I'm thinking of going with an umbrella personal liability policy vs. a typical homeowners' policy. Wow, this forum never ceases to be a wealth of good info!

The problem is, to qualify for an umbrella liability policy, you will need to have certain "very high" levels of liability coverage on your home and auto policies, like at least 100k for auto.

The way I see it, the purpose for liability insurance on homes and autos is to provide a "cap" which any plaintiff can easily shoot at, and not disturb your other assets, thereby leading to an easy settlement. Problem solved.

If you don't have much insurance, but also don't have much in other assets for someone to claim, and are about to file bankruptcy, then really anyone who gets injured on your property, short of a willful act, is basically up sh*t creek. They can sue you but what will they gain?

[Widdle]

Someone should start a new business that helps people who foreclose on their homes find new places. I've been checking craigslist...and that's not much help. We need people who are willing to take a risk in renting to all of us who filed for BK.

My brother has recently been contacted by a guy that just bought several foreclosed homes and his only clientele..........People just like us!!!

He only rents to BK'rs....people who wanted the bank to work with them and wouldn't, so their house got sold for PENNIES on the dollar to this man.

Case in Point......My half brother's house.....Wells Fargo Mortgage $140,000, foreclosed late 2008, selling price on 04/2010 ----$36,000......Today on the market for rent!