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Beccaboo
Guest
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 Posted: Fri Jan 30, 2009 7:52 pm Post subject: Letting my house go |
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What is the best way to walk away from your house? How much can the bank come after you for? I live in Georgia...
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 smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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| Posted: Fri Jan 30, 2009 9:22 pm Post subject: |
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Hi Beccaboo!
Welcome to forums!
Walking away from the property is not a good idea in my opinion. If you walk away from the property and do not pay the mortgage dues, the lender will have the right to foreclose the property. If the property is foreclosed, your credit will be badly affected. It will be lowered by 250 points.
In Georgia, as far as I know, the lender has the right to demand the deficient amount from the borrowers. If you cannot pay the deficient amount, then the lender will either garnish your wages or place lien on your other properties.
Feel free to ask if you have further queries.
Sussane |
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kenric100
Joined: 02 Feb 2009
Posts: 1
1.23 Dollars($)
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| Posted: Mon Feb 02, 2009 2:03 pm Post subject: |
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What about in Arizona? Do you suggest hiring a loan mod company?
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.58 Dollars($)
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msnover92571
Joined: 10 Feb 2009
Posts: 145
Location: California
0.45 Dollars($)
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| Posted: Tue Feb 10, 2009 5:17 pm Post subject: |
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| Yes i would say go with a loan modification before resorting to just walking away from the house. Call the bank and try to work something out with them i.e. work out a lower payment or refi to a lower rate. Walking away would just ruin ur credit and i think they can take you to court in certain states for the remaining balance. |
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