rtalbott73
New Member
My jurisdiction is: California
Due to extenuating circumstances, my wife and I have decided to walk away from our home and let the mortgage fall into foreclosure. We have already modified our loan once, and have found ourselves two months behind again. We have decided to save the money we would be paying on our mortgage and use it to move into a much more affordable rental home. My question is, what are the ramifications of doing this? Can our lender come after us for the balance if they sell our home for less than we owe on the mortgage? Are there any other future pitfalls we can expect by doing this? Any advice we can get would be greatly appreciated.
Due to extenuating circumstances, my wife and I have decided to walk away from our home and let the mortgage fall into foreclosure. We have already modified our loan once, and have found ourselves two months behind again. We have decided to save the money we would be paying on our mortgage and use it to move into a much more affordable rental home. My question is, what are the ramifications of doing this? Can our lender come after us for the balance if they sell our home for less than we owe on the mortgage? Are there any other future pitfalls we can expect by doing this? Any advice we can get would be greatly appreciated.