Tuesday, April 29, 2008

Walking Away

This article goes a bit beyond "I hear people are walking away" and provides people who actually walked.

Elizabeth Levensohn walked away from her Mount Dora home about six months ago -- before You Walk Away existed -- and says it was the best thing she has ever done.

She bought the house for just more than $100,000 a little more than two years ago.

"It was the only house I could afford," Levensohn said.

At the time, it seemed like a good decision. She thought she'd be able to pay the mortgage on her salary as a school director at an Orlando church. Commuting wasn't that expensive. The cottage was less than 700 square feet, just enough room for Levensohn and her daughter, Isabella, 12.

Within a year, she knew it was the biggest mistake of her life.

When she and Isabella were down to eating ramen and beans and rice, she knew something had to give.

She decided to walk away from the house and let it go into foreclosure.

Now she rents an apartment and lives a car-free -- and, she said, relatively stress-free -- life in Orlando.