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No flames, not for me but has anyone just walked away from mortgage

Posted: Dec 22, 2009

were there any repercussions or did anything happen. A relative has just informed me this is what they are thinking about. Just wanted to know what, if anything happened. TIA

;

There are repercussions - sm

[ In Reply To ..]
You are responsible for the mortgage regardless. If you want to walk away, you must contact them and lock it up with the keys inside or send the keys to the mortgage holder. You will still be responsible for the balance left if the company sells it. There is no getting out of what you owe.

I think about it every day but I would - try for a short sale first

[ In Reply To ..]
^ ^
Ç¾ Ç¾
-----

Try calling one of those "We Buy Houses" guys first. You - Anon

[ In Reply To ..]
might not get much or any money in return, but it's better than being foreclosed on. I had a friend who received a foreclosure notice on a home that needed a lots of repair. Her boyfriend walked away (3 days before she had major surgery), and he had helped with the finances, so she did this. She only walked away with $1,000 cash, but she had no repercussions.

There is no foreclosure on this home at all - Left the home

[ In Reply To ..]
The person who bought the home is current and up to date on the mortgage as well as the bills. The reason is her place of business moved way across town from where she bought, the main reason she bought where she did in the first place, to be close to her job. Her home was broken in on the other day and she is not wanting to spend a lot such as burgulary (spelling?) bars, etc. She did have an alarm system installed just yesterday but said wondered if this was just the thing pushing her towards going. She should never had bought in the first place, does not like the upkeep and really does not notice things that need doing around the home. Her stepfather does a lot of things around the home for her. She should have rented instead of buying. I will pass on the information received above as I will see her Christmas Day.

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