---

walking away from mortgage

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
hgdbeach Joined: 15 Dec 2009 Posts: 1 1.00 Dollars($)	Posted: Tue Dec 15, 2009 9:18 pm    Post subject: walking away from mortgage Like 0 Dislike 0 If I walk. What liability do I have. Can they come after savings or IRa/401K accounts.
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Wed Dec 16, 2009 2:11 am    Post subject: Like 0 Dislike 0 If you walkaway from the property, the lender will foreclose it. A foreclosure would badly affect your credit score and reduce it by 250 points. Moreover, you would be responsible for paying off the balance amount resulting from the sale of the property. Also, a foreclosure will remain on your credit report for the next 7 years. If you are unable to pay the deficient amount, the lender will be able to garnish your savings account. However, retirement accounts and social security income cannot be garnished by the lender. _________________ Good is the Enemy of Great.

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0