Comments Posted By Occamsrazor7
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THE ETHICS OF 'WALKING AWAY' FROM YOUR MORTGAGE
An individual walking away from their mortgage may be in for a rude awakening years down the road. They may still be responsible for the difference between their mortgage's amount and what the mortgage holder was paid when they sold the defaulted/foreclosed property. The mortgage holder can file for a judgment against the individual in the amount of the deficiency. if the judgment is awarded they can start the collection process against the individual. This may not happen immediately, they can wait 5 or more years and when the individual gets back on their feet financially sock the individual with the judgment via garnished wages or selling the judgment to a collection agency etc... Unless file for bankruptcy, that mortgage they thought they were discarding may be lurking in the shadows ready to return like a nightmare. defeating the purpose of walking away from the mortgage in the first place.
Comment Posted By Occamsrazor7 On 4.02.2010 @ 18:26
