I know I’ve been tempted to walk away from my mortgage. I have renters who are taking care of most of the monthly mortgage (not all though). But I’m having to rent another home as a result. While the net financial result is +$400 per month, there’s still a psychological toll. I don’t like being an absentee landlord. I don’t like not being able to check on my house every few weeks.
But what happens when you make that choice? To abandon your mortgage? According to a recent Miami Herald discussion, walking away from your mortgage isn’t risk free.
Yes, it might take as long as a year before you’re permanently evicted.… Read the rest