Sometimes you just need to get out of something. Whether it's a bad relationship, a social event, or even home ownership, there comes a time when you have to say “enough is enough,” and move on.
Recent clients of our firm, who I'll call the Jansens to protect their identity, were in just such a situation. They wanted to get out of their mortgage for their condo in Oswego, Illinois, which is west of Chicago.
The Jansens are in their 80s and fell behind on their mortgage due to some financial difficulties. They didn't have any equity in their home, and they needed to move out of state to be closer to family, so there was no reason for them to try and save their home.