Legal Question in Real Estate Law in Arizona
real estate
I have 2 loans on my house its worse only about a third of what i owe. what will happen if I just walk away. I was layed off in may 2008 and got another job in august 2008 but am making 20,000.00 less per year and cannot afford this house. Can my wages be attached or can my car or camper be taken for payment/
1 Answer from Attorneys
Re: real estate
The loans obtained to purchase the home do not make you personally liable, so if you walk away, your other assets and income are not subject to attack. If the other loan was not a purchase money mortgage, but just a lien on the house, that lender will lose the collateral he hoped to gain with the lien, but may still go after you for repayment. You should consider deeding the property to the lender in lieu of foreclosure, it is better for your credit rating.
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