Legal Question in Real Estate Law in Pennsylvania
Is there such a procedure in place that if you bought a home and you're
keeping up with the mortage payments but realize that with the shape the housing market is in and knowing the home has lost value and your not going to get the price you purchased it for,
can the home be given back to the bank. Or is that considered Foreclosure.
What would be the Consequence with your credit.
Thank You,
S.
1 Answer from Attorneys
So the housing market never will recover?
When your bought your house was there a guarantee that in addition to all the tax benefits and a place to live it would be a good way to increase your wealth.
What you are proposing is that you breach your promise to the bank that gave you all that money to pay them back. I don't think that the bank and their attorneys are not going to take you to court?
As to your credit rating it will be destroyed for at least 7 years.
My advice is suck it up and in time the housing market will improve.
{John}
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