Foreclosure: Walk away from my house?
This is the last thing I want to do, but I'm afraid I have more options. I live paycheck to paycheck and debt enough to take credit cards each month to pay utilities. My wife recently lost his job and there is no way we can pay our credit card bills and mortgages. We bought our house in Colorado in 2001 and we are nowhere near $ 100K upside down with our 1st and 2nd making it impossible to refinance. If it works, I know that his mother will allow us to remain at home until we return to our feet. I understand that many of you will judge me by the wrong choices, but I treatment of truly constructive responses. Here are my questions. 1. The lender can come after my assets or garnish my wages? 2. What happens to the 1st and 2 First Mortgage? 3. The radical option would be a relief from different credit card company. Is it worse to walk away from my house? Thanks in advance.
If the house is worth less than you need, then I can come after the remaining amount. I look for in a consumer credit company before walking away your home while you still can pay your mortgage. Therefore, we must think of how long you are staying in their mothers if walking. You can not buy another house and several apartments could not take it anymore. Or, he could talk to a lawyer and see about filing for bankruptcy.
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