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Walking away from mortgage

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arunansu Joined: 26 Jan 2010 Posts: 1 1.32 Dollars($)	Posted: Tue Jan 26, 2010 11:08 am    Post subject: Walking away from mortgage Like 0 Dislike 0 I own a house in Texas. I had to move and now I can't manage my house being so far away. I tried selling, but no one is willing to pay the price I owe the bank. So my question is if I walk away, as in stop paying mortgage, what will be the penalty? I don't care if I loose the house. But my concern is can the bank come after my personal property? Can they sue me or something? Please advise, if you can.
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Wed Jan 27, 2010 2:24 am    Post subject: Like 0 Dislike 0 The lender will foreclose the property if you stop paying the loan. After the foreclosure, you would be liable to pay the balance amount to the lender resulting from the property sale. If you are unable to pay that amount, the lender may place a lien on your other property. I would suggest you to apply for a deed in lieu of foreclosure with your lender. This will help you in getting rid of the property and you won't be liable for paying the balance amount.
riseabove Joined: 09 Nov 2009 Posts: 277 11.01 Dollars($)	Posted: Wed Jan 27, 2010 6:04 pm    Post subject: Like 0 Dislike 0 Deed in Lieu sound like an ideal out in this case. _________________ Instant mortgage quotes available online Low rate mortgage refinance Latest Florida mortgage rates

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