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- If you qualify for a $150,000 home loan but the house is only $130,000, Do you get to keep the remaing?
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micheleb79
If you “walk away ” from your home/mortgage, what happens?
Its already something I did, so I can’t undo it. Should I file bankruptcy? Am I still responsible for the balance?
...asked January 27th, 2012 @ 6:25 am
in Loan - Home
40448STEVEN F
0 
0The lender will formally foreclose on the house. They will then sell it for significantly less than you would have been able to. The costs of foreclosing and selling will be deducted from the proceeds and the remainder will be applied to your mortgage. In most states, you still owe the difference.
...answered January 27, 2012 @ 6:30 am
40449Jan C
0 0Sure you are responsible to evey cent owed on the property. I suggest you contact the lending institurion and tell them what you have done. Try to make arrangements to make things right.
...answered January 27, 2012 @ 6:50 am
40450Betty R
0 0I would file bankruptcy either way it will still be on your credit. we are thinking of doing the same thing but we are still fighting. good luck
...answered January 27, 2012 @ 7:11 am