Anonymous

Inactive
Post count: 881

Agreed. Probably just made a business decision to walk away from the property.

In my opinion, that should be illegal.  If you have the money to pay your mortgage, you should not be allowed to just walk away from it.  If they end up selling that property for less than he owes, he should be liable for the difference.

The bank can. If they auction it and it goes for less than the mortgage payoff, they can pursue the difference. Do they? Sometimes. If the borrower is broke it becomes kind of pointless since he'll just declare bankruptcy and becomes a very long process that usually yields nothing. If he's socking a bunch of money or assets, then it is much easier to collect on that.If Freeman didnt want it anymore, he should have sold it. Because you'll never get at auction what you would get if you sell it on the market, plus the bank throws on all sorts of fees. So no matter how you look at it, it's a poor financial move to just walk away unless you've exhausted all over alternatives (like short sales).

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