Posted on: 22nd Nov, 2011 10:13 pm
I have decided that I will walk away from my house as it does not make financial sense to keep it. I am now ready to leave and the loan is a non-recourse one. Should I hire and attorney to handle the paperwork the bank might want me to sign or agree to? Or do you just mail the keys back to the bank?
Hello autumn,
The situation can be so bad that it is a rational decision. However, there are serious consequences that result from walking away from a mortgage. The issue is actually too broad to answer briefly. See the articles in the related links for more information.
:idea:
The situation can be so bad that it is a rational decision. However, there are serious consequences that result from walking away from a mortgage. The issue is actually too broad to answer briefly. See the articles in the related links for more information.
:idea:
Hi Autumn!
Welcome to forums!
I agree with what Sara has said. You don't need an attorney's help to deal with walkaway. Apart from deed in lieu of foreclosure, you can also go for the option of short sale. This will help you to sell off the property and your credit score won't be affected as badly as in case of a deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what Sara has said. You don't need an attorney's help to deal with walkaway. Apart from deed in lieu of foreclosure, you can also go for the option of short sale. This will help you to sell off the property and your credit score won't be affected as badly as in case of a deed in lieu of foreclosure.
Feel free to ask if you've further queries.
Sussane