What legal actions will bank do if you walk away?
Submitted by tdaquino on Tue, 08/19/2008 - 1:54pm.
I am a CA homeowner and been feeling the pinch with my mortgage. I can't refi bec. my home's value is more than 20% less than when I originally purchased it. If I walk away from my home, what can the bank do legally to me? I know that they'll take my home and that my credit will be messed up but my concern is if they'll try to garnish my paycheck or sue me...
Comments:
You haven't provided us with enough information to give you a solid answer. How many loans do you have on the property? Were these the original loans used to purchase the home, or were they from a refinance?
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