walk away from mortgage
I can no longer afford 1st & 2nd mortgage, even though I have equity I am going to vacate residence. Should I notify mortgage company that property has been vacated? Thank You
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Read More Answered By: David Kelly-952-544-6356 |
Re: walk away from mortgage That would be a good idea; because anything that happens to the place or at the place after you leave could still be your responsibility - such as someone slipping and falling on the ice in your driveway - or neighborhood kids breaking in and having a party where someone gets hurt.
You want to have your mortgage company or companies "secure" the place as soon as possible.
Better yet, ask your mortgage comany about a "deed in lieu of forclosure." This would be where you just give the mortgage company a deed to the place. This is more complicated where there are two mortgages, of course.
In the event that the first mortgage company forecloses, and the second mortgage company does nothing, you could be liable to the second mortage company for the full amount of the loan even though you are losing the house. You might want to consider a bankruptcy to get rid of that debt.
As you can see, there are lots of ramifications to what you are considering. You would be well advised to actually talk with a lawyer face to face. |
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