I purchase in a mortgage that is considered upside down, so what would happen if I just walked and let the bank take the house back. Once I decide to buy another property can they go after me for the one that I walked away from?
2 Answer from Attorneys
You would be personally liable for the debt and your credit would be wrecked for years. In this economy, you would likely be denied a new loan for a mortgage for many years as a result.