walk away

May 6th, 2012 by Questions

Hello; what happens if I walk away from my mortgage and house if there is enough equity in it to pay the bank in full as well as whatever fees there will be? If I simply dont’ have time to wait for all to be done.
Can I do that?
Thx

Posted from: Ontario

Questions

One Response to “walk away”



May 06, 2012 at 8:29 pm, A licensed trustee said:

You can, but be very careful. If the bank has to sell your house for you then there will be significant legal fees ($20K) and the bank is only interested in recovering what you owe them – they won’t hold out for the highest price. If there is a shortfall then you will be held responsible to pay it.

You may want to talk to someone in real estate and ask thm how quickly your home can be sold at a reasonable price…

Just don’t “walk away” until you’ve looked into things…

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)