What happens if Ijust walk away from my mortage?

What happens if Ijust walk away from my mortage?
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1 Answer

Answer :

If you walk away from your mortgage the lender will have to post a notice of sale for up to 4 consecutive weeks before they can do the actual foreclosure. A notice will also have to be posted at the property. If the deed does not have power of sale language then they will have to get a judicial foreclosure which means going to court and having a judge sign a final foreclosure note. What you risk if you walk away is some serious damage to your credit. It would be unlikely that you would be able to easily purchase a home again for quite a long time. From what I researched you also must take into account whether or not you owe more than the house is worth due to taking out 2nd or 3rd mortgages. If so then the lender also will be able to seek judgement against you for any monies that are not covered by the sale of the home.
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