Tuesday, July 6, 2010
Abandon Your Home?
We are really living in a topsy turvy world today. The recession has touched every single family in the United States in some way. Many people have found they no longer have a job they had for many years. They have no income either, or they are living or trying to exist on unemployment. It is bad enough that they can't make their car payments but they have had to cut back on the everyday things in life such as food and clothing. However, the greatest obstacle in many people's lives today is their mortgage. What do they do? If they cannot pay the mortgage, is it lawful to just abandon their home and walk away? It would be a good idea to check with American Residential Law Group before you do that. Not many people realize that once you leave your house, the mortgage holder can sell your home and you may be responsible for the loss or difference in money between what it was sold for and what you owe. If you are broke now, how are you going to manage to pay that if it happens to you? You better check out the law before you take any drastic action such as walking away from your home and letting the chips fall where they may.