What happens if I run away and on a mortgage loan principal residence to exclude? If I was still in debt?

Deal Score0

The house I live in Las Vegas and is a primary school Mortgage.Ich home and work in Los Angeles and I live in an apartment that I have another Eigenschaft.Ich wonder what would happen if I move away from exclude the mortgage off, I’d still be in debt? The bank can sue me and take money from my bank account and paycheck? Thank you.

  1. Reply
    April 30, 2011 at 1:09 am

    I believe if the property goes to auction and does not reach the figure to cancel the debt you could be asked to make up the short fall.

  2. Reply
    April 30, 2011 at 1:33 am

    Each state has different laws on that. You are only liable for the loss to the lender in some states. Check with a local attorney.

  3. Reply
    the kid
    April 30, 2011 at 1:37 am

    You might be, but probably not. Your credit will be destroyed for sure.

  4. Reply
    April 30, 2011 at 1:58 am

    In some states primary mortgages are non recourse loans, meaning that the lender can’t come after you for the shortfall but they will 1099 you for IRS purposes and you will owe income tax on the write off. You need to talk with a lender or real estate agent to see if Nevada is a non recourse state. If it is a recourse state they can pursue you for the outstanding balance plus interest,legal fees and handling cost.

    Leave a reply

    Register New Account
    Reset Password