Quote:
Originally Posted by Gerco
I guess I am. Just like the MILLIONS of others this is happening to right now.
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Yes, if you thought you had a fixed rate and you didn't, then you did something quite foolish.
Here's what's going to happen. Your home is going to be foreclosed on and will go to auction. You are legally on the hook for the difference between what it sells for and what you owe (read your contract). More than likely you will receive a 1099 for this. You will be paying taxes on it. Or they will put a lien on any other property you ever own. Or both.
People who think their life is going to be all rosy by walking away from a house are the people who sign contracts for hundreds of thousands of dollars that they don't understand.