With falling home prices and a rough economy, some people decide to just walk away from mortgages. They stop making payments whether or not they can afford them, knowing that sooner or later the bank will foreclose.
In some states, there is little to lose. All the lender can do is take ownership of the property. Your credit will suffer, but they can't come after you for losses and missed payments.
However, investors - those who buy property without the intention to live in it - usually don't get that luxury. It doesn't matter if they live in one of the non-recourse states.
As an investor you take risks, and you often give up consumer protection. The bank may be able to garnish your wages, go after savings, or take other assets with a deficiency judgment.
Whether you're an investor or not, do plenty of homework before walking away from a mortgage. It's a good idea to speak with a licensed credit counselor or local attorney before doing anything.
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