nationaljoe
Junior Member
Question on Minnesota Law -- Limitations on Remedies on Real Estate Foreclosure Proceedings on Residential Homestead Property
I understand that "walking away" from a mortgage is (in general) usually a bad idea. With negative impact on credit scores and all the concomitant headaches and hassles that go along with it...
But -- it is also my understanding that, in Minnesota (as contrasted with other states?), even if you "walk away" from your mortgage, that the mortgage bank cannot come after you for the balance (any difference between what the home is worth and what you actually owe on the note) -- that they are strictly limited to taking possession of the actual property itself and are precluded from pursuing any additional remedies. Is this true? If so, what is this called, in legal lingo? I have read it somewhere but cannot recall what its called exactly. Thank you very much!
I understand that "walking away" from a mortgage is (in general) usually a bad idea. With negative impact on credit scores and all the concomitant headaches and hassles that go along with it...
But -- it is also my understanding that, in Minnesota (as contrasted with other states?), even if you "walk away" from your mortgage, that the mortgage bank cannot come after you for the balance (any difference between what the home is worth and what you actually owe on the note) -- that they are strictly limited to taking possession of the actual property itself and are precluded from pursuing any additional remedies. Is this true? If so, what is this called, in legal lingo? I have read it somewhere but cannot recall what its called exactly. Thank you very much!