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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...

smithsussane · Posted: Fri Jan 30, 2009 9:22 pm Post subject:

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

kenric100 · Joined: 02 Feb 2009 Posts: 1 1.23 Dollars($)

What about in Arizona? Do you suggest hiring a loan mod company?

Caron · Posted: Sun Feb 08, 2009 5:20 am Post subject:

Yes, loan modification company can help negotiate with your lender and get the loan terms and conditions modified. But are you in default already? what's your situation like?

msnover92571 · Posted: Tue Feb 10, 2009 5:17 pm Post subject:

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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Letting my house go