What will happen if I walk away from my Townhouse mortgage payments?
July 4th, 2009
Folks, I had enough paying too much for my mortgage and the property value already decreased by $90.000, so I am upside down and basically I will try to foreclose the damn property and give the headache back to the greedy lender. It's a Townhouse In CA. Thank you to those who understands what millions of people going through. Now, can anyone tell me what is going to happen when I walk away from my mortgage payments?
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Posted in Upside Down Mortgage FAQs | 
Tags: Foreclosure, foreclosure question, mortgage, mortgage foreclosure, townhome, townhome mortgage, townhome upside down, townhouse, townhouse foreclosure, townhouse morgage, townhouse mortgage upside down, townhouse upside down, upside down mortgage, what will happen
If you resided in the townhouse when you took out the mortgage there are anti-dificiency laws in California which protect you from any liability. There is one huge exception., many people have 2nd mortgages which are credit lines, lines of credit, (Heliocs) which carry personal liablity after the foreclosure. So, if you only have one mortgage, you walk away free. If you have a second straight mortgage, you walk away free. If you have a credit line, you will still owe it. Again, this applys only to residential property, not rental property.