Legal Question in Real Estate Law in Arizona

Re: Mortgage walk-away

Many lenders have followed a policy to drag their feet on loan modifications. You have to be tenacious and force them to act according to their mandates and the law regarding modifications. Having legal counsel will be a significant help in getting some prompt action on your loan request.

If you want to walk away, you can do so usually without any other complications other than the ding on your credit. You may be better advised to give the lender a deed to the property in lieu of a foreclosure. Again, if you broach this subject, you may get prompt attention to the loan mod request. Your other assets should not be at risk if it is a purchase connected mortgage.