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I purchased my home in 2003 in 2005 i took out a second mortgage between the 2 i owe like 90k however houses in my neighborhood are going for 45k because of the market and my house does need repairs. I no longer want my home and want to just walk away. If I do that what could happen to me?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

The bank will probably forclose on the house. Your credit score will go down by 250 points.

Forclosure will show up on your report for 7 years. You need need to work on building your credit and it needs some discipline and patience.

jameshogg · Posted: Wed May 27, 2009 11:16 pm Post subject:

Hi brandie,

If you walkaway from the property, your property will be foreclosed upon by the lender. This will lower your credit score by 250 points. Moreover, you will also be liable for the deficient amount. In my opinion it will be better if you could speak to your lender and apply for a short sale or a deed in lieu.

Thanks

SSPINGARN · Posted: Tue Jun 02, 2009 6:37 am Post subject:

i agree with james

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