What is the name of your state? Illinois
I currently have a 1 mortgage on my condo and about 25% down. I am thinking about getting a 2nd mortgage in order to draw out the remaning equity. Hypothetically, if I do borrow 100% of my home's value and if the value of the property drops significantly down the road, can I walk away from my debt obligation by handing over the property to the lender through foreclosure?
I currently have a 1 mortgage on my condo and about 25% down. I am thinking about getting a 2nd mortgage in order to draw out the remaning equity. Hypothetically, if I do borrow 100% of my home's value and if the value of the property drops significantly down the road, can I walk away from my debt obligation by handing over the property to the lender through foreclosure?