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Old 08-01-2010, 09:32 AM
 
20 posts, read 54,583 times
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I never want to be in this situation, but curious to know.

If I lost my JOB and unable to sell my home, can I do a Foreclosure - just walk away? I might have the financial resources to make my monthly mortgage payment.

I understand this is not ethical but, is this Legal? Can the banks come behind my personal assets, like CDs, 529 plans, 401k???
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Old 08-01-2010, 09:56 AM
 
6,820 posts, read 14,034,515 times
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The best thing to do would to put the house on the market as soon as possible. If you have no equity in the property you would do a short sale. I would save the bank from paying additional foreclosure fees. If the house stays on the market for 90 days and you get no buyer you could ask the bank to do a deed in lieu. Basically you simply turn the property over to the bank. If you do let them foreclose they can come after you for the money. They cannot garnish wagers, 401k, CD's etc.
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