With a difficult job market and houses worth less than the mortgage, some think that just walking away is the best option. In some cases, it may be the only option. However, walking away may have consequences.
Planet Money recently explored recourse loans. With these loans, you can't walk away -- lenders will come after you and recoup any losses even after foreclosing on your home. In the podcast they discuss Spain (and many other countries) as an example, but we have recourse loans here in the USA as well.
In some states, your lender can attempt to collect what you owe by going after your wages and assets. It's important to know what you're getting into, and talk with an attorney and tax expert before walking away from a mortgage.
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