Legal Consequences of Walking Away From a Mortgage Based on a Technicality | A Mortgage

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In a strategic default, you let your home go into foreclosure because it's a bad. the consequences of such a default, and alternatives to simply walking away. for a deficiency judgment after the foreclosure, depending on your state's laws.

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This article discusses things to consider before Walking Away From a Mortgage.. because they fail to even mention the negative implications of the decision.. When a post-foreclosure deficiency exists, the lender's legal remedy is to. the borrower will not qualify for another federally-backed mortgage for.

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Is it OK to walk away from mortgage? A strategic default is the decision by a borrower to stop making payments (i.e., to default) on a debt, despite having the financial ability to make the payments. This is particularly associated with residential and commercial mortgages, For a short period ending at the end of December 2012 due to the Mortgage Forgiveness.

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