photo credit: williamcho

Some people who walk away from their mortgage have no money to pay anything, let alone their mortgage. Others on the other hand have money, but still decide to walk away from their home loan and let the bank foreclose on the property. A deficiency judgment, as most of you know, is when the bank comes after the homeowner for the remaining amount on the loan that they tried to walk away from. Most people feel safe doing this because they have no assets to claim or money for the bank to take.

This is not the case for the segment of people who have money. Dont be sure the bank wont come after you after you walk away from your mortgage. They have a duty to their stock holders to collect all moneys owed them. They have no loyalty to you and I. There are some states that wont allow banks to come after people who walk away form their mortgages, but not all states have this law. Make sure you know what the laws are in your area before you make such a big and potentially far reaching decision.

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