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cannot afford home anymore

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cc5050

Junior Member
What is the name of your state? FLORIDA

what is the worst case scenario other than bad credit..if we(newlyweds) walk away from our home(cannot afford anymore)....we have a 3 year old 'interest only" mortgage with zero equity
 


FlyingRon

Senior Member
The lender may obtain a deficiency judgment and come after you for other assets to satisfy the money that they are still owed after the sale.
 

divgradcurl

Senior Member
What is the name of your state? FLORIDA

what is the worst case scenario other than bad credit..if we(newlyweds) walk away from our home(cannot afford anymore)....we have a 3 year old 'interest only" mortgage with zero equity
Is your loan a no-recourse loan? Have you refinanced the original loan, or or taken any money out of the house (home equity loan, line of credit, etc.)?
 

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