Posted on: 18th Jan, 2011 06:19 am
What happens to a homeowner when they walk out on a mortgage while in debt without intention of paying mortgage off, due to financial difficulties and being unable to reduce mortgage payments??
Hi Snowbell,
If a person walks away from his property in order to avoid mortgage payments, the lender will foreclose his property in order to recover his dues. After the sale, the lender can come after the person in order to recover the deficient balance resulting from the property sale.
Thanks
If a person walks away from his property in order to avoid mortgage payments, the lender will foreclose his property in order to recover his dues. After the sale, the lender can come after the person in order to recover the deficient balance resulting from the property sale.
Thanks