I've got a beautiful home in the san francisco east bay area which is of the hardest hit right now in declining property values. anyway, i bought this house with a friend 3 years ago and our intention was to stay for a few years and get out. now we're stuck and although we're not in default, we both want to get out from under this deal as soon as possible. we are currently in the middle of a short sale process, but have two lenders and the second is not happy about the thought that countrywide isn't gonna give them any money. My question to you all is this... If the banks decline the short sale, my friend and i are thinking about just walking away. we're both braced for 7 years of bad luck and see it as our last but acceptable option... we're not all caught up in "loosing our home" emotions because we want out. What can happen to us if we do walk?? Legal and tax wise?? Where might i find some current reading on the laws. anyway if anyone has a thought... let me know, Thanks
