Walking away from a mortgage? You might want to rethink your next step

The other day, I was driving through my neighborhood and noticed a vacant house with its front door partially covered in notices. Unless my neighbor had just been visited by multiple solicitors, I had a good idea what was written on those damp flyers flapping in the wind.

One was from the York County Sheriff’s office notifying the owners that their house would be sold at an upcoming sale. The other notices were the work of various bill collectors.

I don’t know what happened to the family that once lived in that house. I don’t know the unfortunate circumstances that lead to the loss of their home.

Like most modern suburbanites, I unfortunately don’t keep close ties with my neighbors, save for a select few.

What I do know, is that anyone who walks away from a house in foreclosure should be aware of the consequences.

Although I’ve never faced foreclosure, I know how tough it can be coming up with enough money to cover a monthly mortgage payment.

For those who do pack up and leave, they should know that they are legally responsible for everything that happens at that property until it’s sold, according to an article published by the Sun Sentinel.

For example, any homeowner’s association dues or mortgage payments can become judgments against the owner that could be collected against other assets.

If they are able, homeowners facing foreclosure might want to look into a short sale or talk to their bank before walking away.

This entry was posted in Consumer issues, Do it yourself, Economic Outlook, Sean Adkins, Your money. Bookmark the permalink.

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