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Can a homeowner just walk away from their home without a financial hardship?
Wiki User
∙ 9y ago
No. The mortgage company will foreclose and take possession of the property and foreclosure costs are high. Those costs will be added to your debt. You may also have incurred property tax debt. These will be reported to your credit record.
You should talk to your lender and try to negotiate a better outcome. You may be able to sign the property over to the lender by a deed in lieu of foreclosure. Walking away is the worst way to deal with the situation. Resolve it responsibly before you move on.
Wiki User
∙ 9y ago
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