Posted on: 16th Jul, 2010 05:32 am
My wife and I still are working but feel we can't get ahead, can we just walk away from our mortgage?
hi guest,
you can walk away from the property but in that case the lender will foreclose it in order to recover the dues. this will have a negative affect on your credit report and you would be liable for the deficient balance resulting from the property sale. i would suggest you to contact your lender for a deed in lieu of foreclosure. though this will have a negative affect on your credit report similar to that of a foreclosure, you won't be liable for the balance dues resulting from the sale.
thanks.
you can walk away from the property but in that case the lender will foreclose it in order to recover the dues. this will have a negative affect on your credit report and you would be liable for the deficient balance resulting from the property sale. i would suggest you to contact your lender for a deed in lieu of foreclosure. though this will have a negative affect on your credit report similar to that of a foreclosure, you won't be liable for the balance dues resulting from the sale.
thanks.