Sellers wanting to move What to do?
If you foreclose you're screwed and going to have to rent for 7 years until it clears from your credit report but then hopefully the market will have hit bottom and you will have a deal and 7 years worth of savings as a down payment. Title in lieu of foreclosure?
Will USDA or FHA loan underwriting take the foreclosure into account only that it was underwater even if the potential homeowner is still making enough money to pay PITI + Prop + Ins + MIP plus have a good credit record?
What can be done for those in that situation?