Renaissance Realty Group’s Blog: Walk Away - is it the right thing to do and When is it ok ?

Walk Away - is it the right thing to do and When is it ok ?

Walk Away - is it the right thing to do and when is it ok? With so many homeowners upside in with home values is it "ok" to walk away from a home? Is it legal and what about the ethical? When saving you family out weights saving your home it may be time to sit down and find out the legal impact to just walking away.
1 comment • Eric Reid • February 15 2010 08:28AM

Comments

Right or wrong, it is going to happen with increased frequency.  Eventually, there will have to be principal writedown with right of recovery if/when the property is sold for more than the new loan amount.  Double digit inflation for a few years could diminish the problem, but it will cause even more national financial issues.

 

Posted by E.J. "Mike" Carlier ABR CRS GRI (MarketLink Realty Apple Valley MN) 5 months ago

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