Walking away?? Just wondering if one had the misfortune of owning a home that was declared a total loss what would happen if you didn’t have much equity into the place and walked away….Let’s say you had a 90 or 100% loan with no HELOC and “gave the keys back” to the lender…I think there are 1099 tax consequences and your credit would be screwed up for years, but you might be able to preserve assests…
Is this feasable…I know this topic was posted before, but I am still unclear..Or do you need to declare bankrupcy to do this??
