Posted on: 28th Dec, 2009 05:27 pm
what are walk away states?
people are walking away everywhere - it's not a favorable thing to do. i urge you to reconsider.
Welcome ka,
In the walkaway states, the borrower is not responsible for the deficient amount resulting from the foreclosure sale of the property. These are one action states wherein the lender will be able to foreclose the property if you stop payments but will not be able to sue you for the remaining balance. Arizona, Alaska, Arkansas, Colorado, California, District of Columbia, Georgia, Hawaii, Idaho, etc are walkaway states.
In the walkaway states, the borrower is not responsible for the deficient amount resulting from the foreclosure sale of the property. These are one action states wherein the lender will be able to foreclose the property if you stop payments but will not be able to sue you for the remaining balance. Arizona, Alaska, Arkansas, Colorado, California, District of Columbia, Georgia, Hawaii, Idaho, etc are walkaway states.
thanks, adonis