Legal Question in Real Estate Law in Delaware

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?

Asked on 4/25/12, 7:41 am

2 Answer from Attorneys

Brian F. Funk, Esq. Frederick K. Funk, LLP
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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.

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4/26/12, 5:44 pm

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