If you are thinking about walking away from your home because you are upside down in your mortgage or having a financial hardship, there are a few questions to ask yourself BEFORE you WALK AWAY.
As a Realtor, I come across a lot of homes that are empty where the families have vacated the home and walked away thinking they are done with the home.
However, you need to ask yourself a few questions BEFORE you make that step:
Will I have continued responsibility for the home (Insurance or Home Owner Association fee (for condos))?
If the house is in Bankruptcy do I still have Responsibility?
Ask your insurance agent HOW to Indemnify yourself if your home is vacant.
Always ask an attorney for legal advice however make sure you ask these questions so your attorney can advise you on these issues in order to protect yourself.
If there was no Actual Foreclosure, DEED IN LIEU or Short Sale the home is still in your name. Verify with your attorney.