retire-early
Contributing Member
Cash: $ 5.50
Posts: 37
Joined: 12 Jul 2011
Location: Las Vegas
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| What happens if you Walk Away from your Home |
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1. Bad Credit - this is a no brainer. Your credit will go to the dumps if you foreclose.
2. Your bank may go after the difference between what you owe and what your short sale or foreclosure sales price.
Know your State Foreclosure Deficiency Laws in your state, I believe this is the second most important. Example for NEVADA: In the state of Nevada, lenders may assess deficiency judgments against individuals in foreclosure, but must file their intentions to seek a deficiency judgment within ninety (90) days of the foreclosure sale.
3. ?
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5. ?
Feel free to add 3, 4, 5, etc. Thanks.
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