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

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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Answered on 4/26/12, 5:44 pm

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