Foreclosure?
Question:
Answer:
I guess theoretically you could that but why?
I think you need to think about the future... is 30,000 worth ruining your credit for 10 years? Most people don't understand how credit affects them. It can invade your privacy in places that you don't think it will matter... like auto insurance. With bad credit you insurance rates will be higher. Just as a start...
The big question is if the Mortg. Co will come after you for the deficiency? They can and sometimes will. They can also 1099 you to the IRS for the amount of the deficiency.
Please think long and hard before treading down this slippery slope.
You want to go into forclosure on purpose on your NY property?
That's fraud.
You will trash your credit, and they will come after you if you are upside down in the NY house. You will lose the case also.
Absolutely illegal. There are so many investors in this country that would be knocking your door down to purchase your home for your equity alone if it's at $30,000. That way you have your money and a clear conscience and the investor has a good deal.
You are in hot water on this one...
You must remember that no lender wants a home to go into foreclosure. They will do whatever they can to avoid it. if you have any way to keep the property they will find out. if you have that 30K you are in trouble.
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